Coca-Cola HBC has announced the signing of an agreement to acquire a 75% stake in Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company (TCCC) and Gutsche Family Investments (GFI) for a total consideration of $2.6 billion. The deal values CCBA at $3.4 billion, marking one of the largest transactions in the recent history of the Coca-Cola system.
With this acquisition, Coca-Cola HBC will become the second-largest Coca-Cola bottler worldwide by volume, with leading market positions across Europe and Africa. Headquartered in Johannesburg, CCBA operates in 14 African countries — including South Africa, Kenya, Ethiopia, Uganda, and Mozambique — and accounts for nearly 40% of Coca-Cola system volumes sold across the continent.
The transaction, expected to be completed by the end of 2026, pending regulatory approvals, will significantly strengthen Coca-Cola HBC’s African footprint, already well established in Nigeria (since 1951) and Egypt (since 2022). Once finalized, Coca-Cola HBC will cover over half of Africa’s population, with combined volumes of 4 billion unit cases and pro forma revenues of €14.1 billion.
The acquisition will be financed through a €2.5 billion bridge facility, combining short- and medium-term funding. Coca-Cola HBC will also cancel its share buyback program to focus financial resources on the transaction.
To reinforce its long-term commitment to the continent, the company plans a secondary listing on the Johannesburg Stock Exchange (JSE) upon completion of the deal. Coca-Cola HBC is already listed on the London Stock Exchange (CCH) and the Athens Exchange (ATHEX), and the new listing will further strengthen its presence in African markets.
According to the group’s projections, the acquisition is expected to boost earnings per share from the first full year after completion. Coca-Cola HBC believes the strategic combination with CCBA — which employs over 14,000 people and operates 37 bottling plants — will accelerate growth, enhance sustainability, and reinforce its position as a leading 24/7 beverage partner across Africa.
