Coca-Cola HBC AG has reached a definitive agreement to acquire a 75% shareholding in Coca-Cola Beverages Africa (CCBA) for US$2.6 billion. The acquisition from The Coca-Cola Company and Gutsche Family Investments values CCBA at US$3.4 billion and positions Coca-Cola HBC as the second-largest Coca-Cola bottler globally by volume.
CCBA operates across 14 African countries, representing approximately 40% of Coca-Cola system volumes on the continent. The deal significantly increases Coca-Cola HBC’s African footprint, adding to its existing operations in Nigeria and Egypt, and will result in a combined presence in markets covering over half of Africa’s population.
Completion is expected by the end of 2026, subject to regulatory approvals. Coca-Cola HBC will fund the deal through a bridge financing facility and newly issued shares representing 5.47% of its expanded share capital. An option agreement has also been signed, allowing Coca-Cola HBC to acquire the remaining 25% of CCBA currently held by The Coca-Cola Company.
Following the transaction, Coca-Cola HBC intends to seek a secondary listing on the Johannesburg Stock Exchange. The company anticipates low-single digit earnings per share accretion in the first full year after completion.
“The acquisition creates a platform to drive growth by leveraging both companies’ expertise in emerging markets,” said Zoran Bogdanovic, CEO of Coca-Cola HBC.
Philipp Gutsche, Chairman of GFI, added, “We are confident Coca-Cola HBC are the right partners to take the CCBA business forward.”
Upon completion, Coca-Cola HBC will handle two-thirds of Africa’s Coca-Cola system volume and is expected to generate pro forma revenues of €14.1 billion and EBIT of €1.4 billion for 2024.