Coca-Cola HBC acquires 75% Stake in Coca-Cola Beverages Africa

Coca-Cola HBC AG has signed a definitive 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 of US$2.6 billion, valuing CCBA at approximately US$3.4 billion. The deal will be financed through a bridge loan facility and the issuance of Coca-Cola HBC shares to GFI, which will represent 5.47% of the company’s enlarged share capital. Both companies have also entered into an option agreement, giving Coca-Cola HBC the right to purchase — or TCCC the right to sell — the remaining 25% of CCBA after the transaction closes.

Strategic Significance

The acquisition marks a major expansion of Coca-Cola HBC’s African footprint, uniting two leading bottlers on the continent. With CCBA’s presence in 14 additional African markets, Coca-Cola HBC will now operate in over half of Africa’s population and account for about two-thirds of the Coca-Cola system’s total volume in the region. The combined group is projected to reach 4.0 billion unit cases, with €14.1 billion in revenue and €1.4 billion in EBIT on a 2024 pro forma basis.

This move strengthens Coca-Cola HBC’s diversification strategy, providing greater access to fast-growing, youthful markets. More than 60% of people in CCBA’s regions are under 30 years old, offering vast potential for increased beverage consumption and long-term growth.

Aligned with Coca-Cola HBC’s goal of being the leading 24/7 beverage partner, CCBA brings a portfolio of over 40 brands and a solid record of performance, sustainability, and community investment. The deal allows Coca-Cola HBC to apply its expertise in emerging markets—as demonstrated in Nigeria and Egypt—to drive efficiency, innovation, and growth across CCBA’s operations.

This acquisition also deepens Coca-Cola HBC’s strategic partnership with The Coca-Cola Company, reflecting their shared vision to create long-term value for customers, employees, and shareholders alike.

“This milestone marks a historic moment for Coca-Cola HBC and continues our legacy of growth and partnership across Africa. For decades, we have invested to unlock Africa’s extraordinary potential. We look forward to accelerating this positive momentum with CCBA to deliver lasting value for our stakeholders, and make a positive impact in the communities we serve. On behalf of the board, I’d like to thank The Coca-Cola Company and the Gutsche family for their ongoing partnership and trust”.- Anastassis G. David, Chairman of the Board of Coca-Cola HBC

“We are very excited to announce the acquisition of a majority stake in CCBA, with a path to full ownership. Having established our business in Nigeria nearly 75 years ago and with our successful acquisition and integration of the Egypt business three years ago, we have a deep understanding of the compelling proposition Africa presents. It has a sizable and growing consumer base, and there are significant opportunities to increase per capita consumption. With our best-in-class bespoke capabilities, commercial expertise and industry-leading approach to sustainability and communities, underpinned by our talent, we believe we have the winning formula to drive sustainable, profitable growth and create value for all stakeholders. We appreciate the trust placed in us by The Coca-Cola Company and GFI, and look forward to welcoming the CCBA team to Coca-Cola HBC and driving joint success. – Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC

“Coca-Cola HBC is a trusted and important bottler and will play a key role in CCBA’s next phase of growth. Like Coca-Cola HBC, we see tremendous opportunity for growth and value creation in Africa. We appreciate Coca-Cola HBC’s vital role in The Coca-Cola Company system and ongoing investment in growing our business”. – Henrique Braun, Executive Vice President and Chief Operating Officer of The Coca-Cola Company

“The Gutsche family have been committed to The Coca-Cola Company business in Southern and East Africa for 85 years and are confident that Coca-Cola HBC are the right partners to take the CCBA business forward to successfully achieve the joint vision for the Coca-Cola system in Africa. The Gutsche family will remain invested in the Coca-Cola system, and Africa, through its shareholding in Coca-Cola HBC”. – Philipp H Gutsche, Chairman of GFI

Financial Outlook

The transaction is expected to be earnings-accretive from the first full year after completion. Post-acquisition leverage is projected to remain within Coca-Cola HBC’s target range of 1.5–2.0x net debt to EBITDA, with no expected downgrade to its credit rating. To prioritize funding for the deal, Coca-Cola HBC will cancel its share buyback programme immediately, while maintaining its commitment to a strong investment-grade profile and disciplined capital allocation. For more information, visit the official Coca-Cola HBC website.