Arca Ecuador S.A. made an offer to acquire the remaining 12.63% stake in Holding Tonicorp S.A. (GYSE:TON) from the minority shareholders for $50.5 million on March 18, 2014. Under the terms of the acquisition, Ecuador Bottling agreed to offer $5.55 per share. In a related transaction, Ecuador Bottling Company Corp. and Coca-Cola De Ecuador S.A. agreed to acquire 87.37% stake in Holding Tonicorp S.A. (GYSE:TON) from controlling shareholders for approximately $350 million. HSBC acted as financial advisor for Arca Ecuador for $200 million credit facility for the acquisition.

Arca Ecuador S.A. cancelled the acquisition of the remaining 12.63% stake in Holding Tonicorp S.A. (GYSE:TON) from the minority shareholders on March 18, 2015.