Coca-Cola HBC receives conditional approval to acquire CCBA in South Africa

SOUTH AFRICA – South Africa’s Competition Tribunal has conditionally approved Coca-Cola HBC’s proposed acquisition of majority control of Coca-Cola Beverages Africa (CCBA), subject to conditions addressing public-interest considerations. 

The Tribunal said it approved the transaction after considering submissions from the companies and a trade union representing CCBA employees. Details of the conditions are being finalised following the Tribunal’s review of confidentiality claims. 

“The Tribunal Panel is in the process of finalising the merger parties’ confidentiality claims and a copy of the Tribunal order and conditions will be made available on the Tribunal’s website as soon as the process has been finalised,” a Tribunal spokesperson said. 

Coca-Cola HBC agreed in October 2025 to acquire a 75% controlling interest in CCBA from The Coca-Cola Company and Gutsche Family Investments for US$2.6 billion. The transaction values 100% of CCBA at an implied equity value of US$3.4 billion. 

CCBA operates across 14 African countries and accounts for about 40% of Coca-Cola product volumes sold across the continent. Coca-Cola HBC currently operates in countries including Egypt and Nigeria, and the acquisition will expand its African footprint.  

The remaining 25% of CCBA held by The Coca-Cola Company is subject to an option agreement between the two companies, providing a potential route to full ownership.  

The South African approval includes conditions concerning worker protections and restrictions on retrenchments, alongside commitments relating to investment in the country’s distribution and retail network. 

Coca-Cola HBC has also committed to pursuing a secondary listing on the Johannesburg Stock Exchange. The company previously said the planned listing would support its commitment to South Africa and the wider African continent. 

When the acquisition was announced, Coca-Cola HBC said the combined businesses would have generated pro-forma revenue of €14.1 billion and EBIT of €1.4 billion in 2024. The company expects the transaction to create a significantly larger Coca-Cola bottling operation across Africa. 

The transaction remains subject to other regulatory requirements, with Coca-Cola HBC targeting completion by the end of 2026.  

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