Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) has announced that it has entered into a definitive sale and purchase agreement to acquire a 75% in Coca-Cola Beverages Africa Pty Ltd (CCBA) from The Coca-Cola Company (TCCC) and Gutsche Family Investments Pty Ltd (GFI) for US$2.6 billion. This move will create the second-largest Coca-Cola bottling partnership globally in terms of volume.
According to the company, the acquisition is expected to be finalized by the end of 2026. This will significantly expand Coca-Cola HBC’s presence across the continent, positioning the company as a leading player in Africa’s rapidly growing beverage market.
Under the terms of the deal, Coca-Cola HBC, headquartered in Nigeria and operating extensively across Egypt and other parts of Africa, will gain control of operations in 14 additional African markets, including South Africa, Kenya, Ethiopia, and Tanzania. According to a company statement released recently, this expansion will see Coca-Cola HBC covering about two-thirds of the total Coca-Cola system volume in Africa and serving over half of the continent’s population.
To reinforce its commitment to the region, Coca-Cola HBC also announced plans for a secondary listing on the Johannesburg Stock Exchange (JSE) following the completion of the acquisition. The company said this listing would enhance local investor participation and reflect its long-term confidence in South Africa and the broader African market.
The company states that the acquisition is being funded through a new bridge financing facility to cover the cash consideration and Coca-Cola HBC shares issued to GFI, representing 5.47% of Coca-Cola HBC’s enlarged issued and outstanding share capital. In addition, Coca-Cola HBC and TCCC have agreed to enter into an option agreement enabling Coca-Cola HBC to purchase, or TCCC to sell, the remaining 25% equity interest in CCBA still owned by TCCC following Completion.
Commenting on the deal, Anastassis G. David, Chairman of the Board of Coca-Cola HBC, said, “This milestone marks a historic moment for Coca-Cola HBC and continues our legacy of growth and partnership across Africa. For decades, we have invested in unlocking Africa’s extraordinary potential. We look forward to accelerating this positive momentum with CCBA to deliver lasting value for our stakeholders and make a positive impact in the communities we serve. On behalf of the board, I’d like to thank The Coca-Cola Company and the Gutsche family for their ongoing partnership and trust.”
Also speaking about the acquisition, Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC, said, “We are very excited to announce the acquisition of a majority stake in CCBA, with a path to full ownership. Having established our business in Nigeria nearly 75 years ago and with our successful acquisition and integration of the Egypt business three years ago, we have a deep understanding of the compelling proposition Africa presents. It has a sizable and growing consumer base, and there are significant opportunities to increase per capita consumption.
“With our best-in-class bespoke capabilities, commercial expertise, and industry-leading approach to sustainability and communities, underpinned by our talent, we believe we have the winning formula to drive sustainable, profitable growth and create value for all stakeholders. We appreciate the trust placed in us by The Coca-Cola Company and GFI, and look forward to welcoming the CCBA team to Coca-Cola HBC and driving joint success.”
Coca-Cola Beverages Africa (CCBA), headquartered in Johannesburg, is currently the largest Coca-Cola bottler in Africa and one of the top 10 globally. Established in 2016 through the merger of several regional bottlers, CCBA manages production and distribution across multiple key African economies.
Upon completion of the deal, Coca-Cola HBC will become a critical partner in The Coca-Cola Company’s global bottling network, second only to Coca-Cola Europacific Partners by volume.