In a major consolidation of Coca-Cola’s African operations, Coca-Cola HBC AG has agreed to purchase a 75% controlling stake in Coca-Cola Beverages Africa, the continent’s largest Coca-Cola bottler, the companies announced today.
The deal, which values CCBA at $3.4 billion, represents another significant milestone in Coca-Cola’s decade-long strategy to exit company-owned bottling operations and focus on its core beverage brands.
Under the agreement, Coca-Cola will sell 41.52% of its 66.52% stake in CCBA to Coca-Cola HBC, while the bottler will acquire an additional 33.48% from Gutsche Family Investments. A separate option agreement gives Coca-Cola HBC the right to purchase Coca-Cola’s remaining 25% stake within six years of closing.
Strategic Shift Continues
The transaction marks the latest step in Coca-Cola’s refranchising efforts, which have dramatically reduced the company’s direct bottling investments from 52% of consolidated net revenue in 2015 to just 13% in 2024. Once this deal closes—targeted for the end of 2026—bottling investments are expected to comprise only about 5% of consolidated revenue.
“Coca-Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA,” said Henrique Braun, Coca-Cola’s executive vice president and chief operating officer, citing the bottler’s track record of market share growth in Egypt and Nigeria.
Expanding African Footprint
CCBA currently operates in 14 African countries and handles approximately 40% of all Coca-Cola product volume sold across the continent. Following the acquisition, Coca-Cola HBC will control two-thirds of Africa’s total Coca-Cola system volume and serve over half the continent’s population.
Coca-Cola HBC, which already operates in 29 countries across Europe and Africa, including Nigeria and Egypt, has nearly 75 years of experience on the continent since its founding in Nigeria.
“We see huge growth opportunities in Africa,” said Zoran Bogdanovic, CEO of Coca-Cola HBC. “It has a sizable and growing consumer base and significant potential to increase per capita consumption.”
Family Legacy Continues
The Gutsche family, which has been involved in Coca-Cola’s African operations for over 80 years, will maintain its connection to the business through its ownership stake in Coca-Cola HBC.
“Coca-Cola HBC is the ideal partner to carry the CCBA business forward,” said GFI Chairman Philipp Hugo Gutsche.
The transaction requires customary regulatory and antitrust approvals. As part of the deal, Coca-Cola HBC plans to pursue a secondary listing on the Johannesburg Stock Exchange, reinforcing its commitment to South Africa and the broader African market.
