Coca-Cola HBC Acquires Africa Bottling Business for $2.6bn
The Coca-Cola Company and Gutsche Family Investments have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa Pty. Ltd. (CBCA), with a $3.4 billion value, to Coca-Cola HBC AG, the companies announced today.
CCBA is the largest Coca-Cola bottler in Africa, with operations spanning 14 countries on the continent, and accounts for about 40% of all Coca-Cola product volume sold across Africa.
Coca-Cola HBC is one of the largest Coca-Cola bottlers in the world, with operations in 29 countries across Europe and Africa, including Nigeria and Egypt.
Coca-Cola will sell 41.52% out of its 66.52% stake in CCBA to Coca-Cola HBC, and Coca-Cola HBC is acquiring 33.48% of CCBA that is held by GFI.
In total, the transaction values 100% of CCBA at an equity value of US$3.4 billion. The transactions are targeted to close by the end of 2026.
The sale of Coca-Cola’s stake in CCBA is another significant step in the ongoing refranchising of company-owned or controlled bottling operations.
In 2024, bottling investments, as a percent of consolidated net revenue, was 13%, down from 52% in 2015. Following the closing of this transaction, the company expects bottling investments to make up approximately 5% of consolidated net revenue.
In July 2025, Coca-Cola reached another milestone in the refranchising process in India with the sale of a 40% ownership stake in Hindustan Coca-Cola Beverages Pvt. Ltd. to Jubilant Bhartia Group. Coca-Cola continues to own 60% of the Indian bottler.
Coca-Cola and Coca-Cola HBC have also agreed to a separate option agreement for Coca-Cola HBC to acquire the remaining 25% of CCBA still owned by Coca-Cola within a six-year period from closing.
Details showed that Coca-Cola HBC will fund the acquisition 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.
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 to unlock 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.”
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.”
Henrique Braun, Executive Vice President and Chief Operating Officer of The Coca-Cola Company, commented: “Coca-Cola HBC is a trusted and important bottler and will play a key role in CCBA’s next phase of growth. Like Coca-Cola HBC, we see tremendous opportunity for growth and value creation in Africa.
“We appreciate Coca-Cola HBC’s vital role in The Coca-Cola Company system and ongoing investment in growing our business.”
Also, Philipp H Gutsche, Chairman of GFI, said, “The Gutsche family have been committed to The Coca-Cola Company business in Southern and East Africa for 85 years and are confident that Coca-Cola HBC are the right partners to take the CCBA business forward to successfully achieve the joint vision for the Coca-Cola system in Africa.
The Gutsche family will remain invested in the Coca-Cola system and Africa through its shareholding in Coca-Cola HBC.” # Coca-Cola HBC Acquires Africa Bottling Business for $2.6bn $31trn Debt Is Holding Back Developing Countries – UN Official
