Coca-Cola HBC consolidates presence in Africa with acquisition of 75% stake in CCBA
The transaction marks a major step in Coca-Cola’s global refranchising strategy and expands Coca-Cola HBC’s footprint across Africa.
AFRICA – The Coca-Cola Company and Gutsche Family Investments (GFI) have reached an agreement to sell a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) Pty. Ltd. to Coca-Cola HBC AG in a deal valuing the African bottler at US$3.4 billion.
Under the agreement, Coca-Cola will divest 41.52% of its 66.52% stake in CCBA, while Coca-Cola HBC will also acquire the 33.48% share currently held by GFI.
Upon completion, Coca-Cola HBC will assume a 75% controlling stake in CCBA, with Coca-Cola retaining the remaining 25%.
The transaction is expected to close by the end of 2026, subject to customary regulatory and antitrust approvals.
Coca-Cola and Coca-Cola HBC have also signed an option agreement granting Coca-Cola HBC the right to acquire the remaining 25% stake within six years of the deal’s completion.
CCBA is the largest Coca-Cola bottler in Africa, operating in 14 countries and representing about 40% of all Coca-Cola product volume sold across the continent. Coca-Cola HBC, one of the largest Coca-Cola bottlers globally, operates in 29 countries across Europe and Africa, including Nigeria and Egypt.
The sale marks a significant milestone in Coca-Cola’s ongoing global refranchising strategy aimed at reducing its direct bottling operations. In 2024, bottling investments accounted for 13% of the company’s consolidated net revenue, down from 52% in 2015. After this transaction, the figure is expected to decline further to around 5%.
In a related move earlier this year, Coca-Cola sold a 40% stake in Hindustan Coca-Cola Beverages Pvt. Ltd. to Jubilant Bhartia Group, maintaining a 60% shareholding in its Indian bottling operations.
Henrique Braun, executive vice president and chief operating officer of The Coca-Cola Company, said: “Coca-Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA. We are pleased with Coca-Cola HBC’s continued investment in the Coca-Cola system and its commitment to Africa.”
GFI Chairman Philipp Hugo Gutsche also expressed confidence in the transaction, stating: “Coca-Cola HBC is the ideal partner to carry the CCBA business forward and realize the shared vision for the Coca-Cola system on the continent.”
Following the acquisition, Coca-Cola HBC will represent approximately two-thirds of the Coca-Cola system’s total African volume and serve over half of the continent’s population.
The company said it intends to pursue a secondary listing on the Johannesburg Stock Exchange, reinforcing its long-term commitment to South Africa and Africa as a whole.
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