The Coca-Cola Company and Gutsche Family Investments (GFI) have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC AG, marking a major shift in ownership of the largest Coca-Cola bottler on the African continent.
CCBA operates across 14 African countries and accounts for around 40% of all Coca-Cola product volume sold in Africa. Coca-Cola HBC, one of the world’s largest Coca-Cola bottlers, has operations in 29 countries across Europe and Africa, including Nigeria and Egypt.
Under the agreement, The Coca-Cola Company will sell 41.52% of its 66.52% stake in CCBA to Coca-Cola HBC, while Coca-Cola HBC will also acquire the remaining 33.48% stake currently held by GFI. The transaction values 100% of CCBA at an equity value of US$3.4 billion. The deal is expected to close by the end of 2026, subject to customary regulatory and antitrust approvals.
The parties have also entered into a separate option agreement allowing Coca-Cola HBC to acquire the remaining 25% stake in CCBA still owned by The Coca-Cola Company within six years of closing.
The transaction forms part of Coca-Cola’s ongoing refranchising strategy. Bottling investments represented 13% of Coca-Cola’s consolidated net revenue in 2024, down from 52% in 2015. Following completion of the CCBA transaction, bottling investments are expected to account for approximately 5% of consolidated net revenue. In July 2025, Coca-Cola sold a 40% stake in Hindustan Coca-Cola Beverages in India to Jubilant Bhartia Group, retaining a 60% holding.