Swiss-based bottler Coca-Cola HBC announced a $2.6 billion deal to acquire a 75% stake in Coca-Cola Beverages Africa. The acquisition, which buys Coca-Cola’s 42% stake and Gutsche Family Investments’ entire holding, values the African bottler at $3.4 billion.
The deal makes Coca-Cola HBC the world’s second-largest Coca-Cola bottling partner by volume and expands its footprint across 14 African markets. Coca-Cola HBC will cover over 50% of Africa’s population and two-thirds of the continent’s Coca-Cola volume, including Fanta, Sprite, and Monster.
CCBA, founded in 2014, is among Africa’s largest consumer goods acquisitions, with Rothschild advising Coca-Cola on the transaction. Coca-Cola HBC plans a secondary listing on the Johannesburg Stock Exchange and may purchase Coca-Cola’s remaining 25% stake within six years.
The expansion offsets lost volumes from its 2022 exit from Russia and addresses cost pressures from global market uncertainties. Coca-Cola HBC maintained its annual sales outlook despite a smaller-than-expected 5% rise in third-quarter organic revenue, with shares dipping slightly.
Goldman Sachs and UBS advised Coca-Cola HBC, while Nomura advised Gutsche Family Investments on the deal.