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Beverage industry

Coca-Cola HBC to Acquire 75% Controlling Stake in Coca-Cola Beverages Africa for USD3.4bn

Strategic Insights

— 1 min read

Coca-Cola and Gutsche Family Investments have agreed to sell a 75% controlling stake in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC for an equity value of USD3.4bn. This sale will see CCBA, the largest Coca-Cola bottler in Africa, operate under Coca-Cola HBC's control. The acquisition will strengthen Coca-Cola HBC's presence in the region, handling two-thirds of Africa's Coca-Cola system volume and reaching over half of the continent's population.

Key Takeaways:

  • Coca-Cola HBC will acquire a 75% controlling stake in Coca-Cola Beverages Africa (CCBA) for USD3.4bn.
  • The transaction is expected to close by the end of 2026, pending regulatory approvals.
  • Coca-Cola HBC will have the option to acquire the remaining 25% of CCBA within six years of closing.
  • Following the acquisition, Coca-Cola HBC's bottling investments are expected to represent around 5% of total revenue.
  • The acquisition aligns with Coca-Cola's refranchising strategy, which has reduced bottling investments from 52% in 2015 to 13% in 2024.
  • CCBA operates in 14 countries and represents about 40% of Africa's Coca-Cola product volume.
  • The acquisition marks a milestone in Coca-Cola's strategy to focus on high-growth markets and partnerships.
  • Coca-Cola HBC plans to list on the Johannesburg Stock Exchange in a secondary listing to reinforce its commitment to growth in Africa.

Statistics:

  • USD3.4bn: the equity value of the 75% controlling stake in CCBA acquired by Coca-Cola HBC.
  • 14 countries: where CCBA operates in Africa.
  • 40%: the proportional share of Africa's Coca-Cola product volume represented by CCBA.
  • 2015: the year when Coca-Cola's bottling investments represented 52% of consolidated net revenue.
  • 2024: the year when Coca-Cola's bottling investments decreased to 13% of consolidated net revenue.
  • 5%: the expected share of total revenue that will be attributed to bottling investments following the acquisition.
  • 2026: the expected closing date for the transaction, pending regulatory approvals.

Sources:

  • M2 EQUITYBITES, October 21, 2025
  • The Coca-Cola Company
  • Gutsche Family Investments
  • Coca-Cola HBC AG
  • Johannesburg Stock Exchange

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