Acquisition of AdeS by Coca-Cola

In March 2017, Coca Cola completed its acquisition of Mexico-based AdeS from Unilever for $575 million. AdeS is a business line of Unilever and it is the leading soy-based beverage brand in Latin America. As the transaction required filing in various Latin American countries, Compass Lexecon was asked to provide economic advice on the potential acquisition.

We conducted an economic analysis of the likely competitive effects of the merger, applying econometric techniques of demand estimation and merger simulation. Our team, including Jorge Padilla, Enrique Andreu, Nadine Watson, Catalina Campillo, Francisco Franchetti, Scott Holbrook and Hyung-Joong Kim, worked with lawyers from Clifford Chance.