The Coca-Cola Company and Gutsche Family Investments have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC AG, marking one of the largest transactions in the African beverage sector in recent years.
Under the agreement, Coca-Cola HBC will acquire 51.52% of the shares owned by The Coca-Cola Company and 33.48% held by Gutsche Family Investments (GFI), in a deal valued at approximately US$3.4 billion. The transaction, which remains subject to regulatory approvals, is expected to close by the end of 2026.
CCBA is the largest Coca-Cola bottler in Africa, accounting for about 40% of all Coca-Cola product volumes sold across the continent. It operates in 14 African markets, including South Africa, Kenya, Ethiopia, Uganda, Tanzania, Mozambique, Nigeria, and Egypt.
Coca-Cola HBC: one of the world’s largest Coca-Cola bottlers operates across 29 countries in Europe and Africa. With the acquisition, Coca-Cola HBC will control nearly two-thirds of Coca-Cola’s total bottling volume in Africa, expanding its footprint across some of the fastest-growing consumer markets in the world.
The acquisition marks a major step in Coca-Cola HBC’s Africa expansion, reinforcing its long-term commitment to the continent. “We are very excited to announce our agreement to acquire a majority stake in CCBA, with a path to full ownership,” said Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC.
“With nearly 75 years of experience in Nigeria and our successful acquisition of Coca-Cola Bottling Company of Egypt in 2022, we see huge growth opportunities across Africa. This acquisition positions us to scale our operations, drive sustainable growth, and leverage local expertise,” he added.
CCBA was formed in 2016 as a merger between The Coca-Cola Company’s Southern and East African bottling operations and GFI’s Coca-Cola Sabco. Since then, the company has grown rapidly, becoming a key player in Coca-Cola’s global network.
According to the companies, the sale of Coca-Cola’s stake represents a “significant step” in the ongoing refranchising of its bottling operations, a global strategy aimed at enhancing local ownership and operational agility.
In 2024, CCBA recorded double-digit revenue growth, driven by strong consumer demand, new product launches, and investments in digital transformation. The company’s efforts in sustainability; including water conservation, renewable energy adoption, and plastic recycling initiatives, have also enhanced its brand value across African markets.
Although GFI is divesting its 33.48% share in CCBA, the Gutsche family will remain involved in Coca-Cola’s business through its shareholding in Coca-Cola HBC.
“For more than eight decades, our family has been dedicated to developing the Coca-Cola business across Southern and Eastern Africa,” said GFI Chairman Philipp Hugo Gutsche. “Coca-Cola HBC is the ideal partner to carry the CCBA business forward and realise our shared vision for the Coca-Cola system on the continent.”
Coca-Cola and GFI have also granted Coca-Cola HBC an option to acquire the remaining 25% of CCBA still owned by Coca-Cola within six years of closing.
Coca-Cola HBC said it plans to finance the acquisition through a mix of debt and equity. The company will also pursue a secondary listing on the Johannesburg Stock Exchange, strengthening its financial presence in both Europe and Africa.
Goldman Sachs Bank Europe SE, Amsterdam Branch, and UBS AG London Branch acted as financial advisers to Coca-Cola HBC, while Rothschild & Co and Nomura International advised GFI.
Coca-Cola HBC AG, headquartered in Switzerland, is a leading bottler for The Coca-Cola Company, with a portfolio spanning more than 100 brands across 29 countries. The company serves over 740 million consumers and has been publicly listed on the London Stock Exchange since 2013.
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