Coca-Cola HBC AG (CCH) will acquire a 75.0% controlling stake in Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family Investments in a transaction valuing Africa’s largest Coke bottler at USD 3.4 billion.
Under the agreement, Coca-Cola will divest 41.5% of its 66.5% interest in CCBA to CCH, while CCH will buy GFI’s entire 33.5% holding. Closing is targeted by end-2026, pending customary regulatory and antitrust approvals across CCBA’s 14 African markets. A separate option gives CCH the right to acquire Coca-Cola’s remaining 25.0% stake within six years of completion.
CCBA accounts for roughly 40.0% of the Coca-Cola system’s volumes in Africa, with operations spanning South Africa, Kenya, Ethiopia, Ghana and other markets. Post-deal, CCH already active in 29 countries,said it will represent about two-thirds of the system’s African volume, covering more than half of the continent’s population.
“This is a path to full ownership,” said CCH Chief Executive Zoran Bogdanovic, citing “huge growth opportunities” as incomes rise and per capita soft-drink consumption remains underpenetrated. He pointed to CCH’s long operating record in Nigeria and its 2022 acquisition of Coca-Cola’s Egypt bottling business as evidence the company can accelerate growth through route-to-market upgrades, category mix, and sustainability initiatives.
For The Coca-Cola Company, the sale extends a decade-long refranchising push aimed at shifting capital-intensive bottling to specialized partners. Bottling investments represented 52.0% of consolidated revenue in 2015, fell to 13.0% in 2024, and are expected to drop to about 5.0% after the CCBA transaction closes. Earlier in 2025, Coca-Cola sold 40.0% of Hindustan Coca-Cola Beverages to Jubilant Bhartia Group, retaining 60.0%.
“Coca-Cola HBC is a strong, proven operator to lead CCBA’s next chapter,” said Henrique Braun, Coca-Cola’s executive vice president and chief operating officer, noting recent market-share gains in Egypt and Nigeria.
Gutsche Family Investments, involved with Coca-Cola in Southern and Eastern Africa for more than eight decades, said it will remain engaged with the system through its shareholding in CCH. “CCH is the ideal partner to carry CCBA forward,” said Chairman Philipp Hugo Gutsche.
CCH plans a secondary listing on the Johannesburg Stock Exchange following completion, a move intended to widen its investor base and align with its Africa growth strategy.
The companies did not disclose financing terms or synergy targets. Analysts will watch for updates on leverage, capex needs for coolers and fleet, and timing for exercising the option on the final 25.0%. Key risks include regulatory approvals, currency volatility especially in the naira and rand -and execution across a diverse, water-intensive operating footprint.
Advisers are Rothschild & Co for Coca-Cola; Goldman Sachs Bank Europe SE (Amsterdam Branch) and UBS AG London Branch for CCH; and Nomura International for GFI.
Thursday, December 4, 2025
Coca-Cola HBC to acquire 75.0% of CCBA for USD 3.4bn by 2026
