Coca-Cola Europacific Partners said on Wednesday it intends to jointly acquire Coca-Cola Beverages Philippines with Aboitiz Equity Ventures (AEV) for $1.8 billion, in an effort to become the world's largest Coca-Cola bottler by revenue and volumes.

The deal to buy Coca-Cola's Philippines business in cash will be on 60:40 ownership structure between CCEP and Philippines conglomerate Aboitiz.

CCEP has signed a non-binding term sheet and is in advanced discussions with AEV regarding a potential joint transaction, the company said in a statement.

CCEP, which bottles and sells Coca-Cola products in Western Europe, Australia and New Zealand, also said that its earlier expectation to return to the top-end of its net debt to adjusted core profit range of 2.5-3 times by the end of 2023 is expected to be achieved in 2024 instead.

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich and sonia Cheema)