Swiss-based Coca-Cola HBC AG has agreed to acquire a 75% controlling stake in Coca-Cola Beverages Africa (CCBA) for USD 2.6 billion, creating the world’s second-largest Coca-Cola bottling partner by beverage volume, behind Coca-Cola FEMSA.
The deal expands Coca-Cola HBC’s footprint across 14 African markets, targeting the rising demand driven by younger consumers.
Strategic Expansion Across Africa
Coca-Cola HBC will acquire:
- Approximately 41.52% of CCBA from The Coca-Cola Company
- The entire 33.48% stake held by Gutsche Family Investments (GFI)
This values CCBA at USD 3.4 billion in equity terms. The transaction is expected to close by the end of 2026, subject to regulatory and antitrust approvals.
“This acquisition is about growth,” said Zoran Bogdanovic, CEO of Coca-Cola HBC.
“Africa has a sizable and growing consumer base and significant potential to increase per capita consumption. We believe we can unlock this growth and create value for our shareholders by leveraging our best-in-class bespoke capabilities, commercial expertise, and industry-leading approach to sustainability.”
Bottling Powerhouse in Africa
Founded in 2014, CCBA is the largest Coca-Cola bottler on the continent, operating in 14 countries and accounting for 40% of Coca-Cola product volume sold across Africa.
Post-acquisition, Coca-Cola HBC will represent two-thirds of Africa’s total Coca-Cola volume, including brands like Fanta, Sprite, and Monster, and serve over 50% of the continent’s population, according to J.P. Morgan.
“Coca-Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA,” said Henrique Braun, Chief Operating Officer of The Coca-Cola Company.
“We are pleased with Coca-Cola HBC’s continued and aligned investment in the Coca-Cola system and in taking another significant step forward in the refranchising of company-owned bottling operations.”
Refranchising Momentum
The deal marks a major milestone in Coca-Cola’s global refranchising strategy. Bottling investments as a share of consolidated net revenue have decreased from 52% in 2015 to 13% in 2024 and are projected to decline to 5% post-transaction.
In July 2025, Coca-Cola sold a 40% stake in Hindustan Coca-Cola Beverages Pvt. Ltd. to Jubilant Bhartia Group, continuing its refranchising efforts in India.
Gutsche Family’s Continued Role
While GFI exits its direct stake in CCBA, the Gutsche family will remain involved in the Coca-Cola system through its ownership in Coca-Cola HBC.
“Coca-Cola HBC is the ideal partner to carry the CCBA business forward and to realize their shared vision for the Coca-Cola system on the continent,” said Philipp Hugo Gutsche, Chairman of GFI.
“For more than eight decades, the Gutsche family has been dedicated to developing the Coca-Cola business across Southern and Eastern Africa.”
Market Listing and Financial Outlook
Coca-Cola HBC, already listed in London and Athens, plans a secondary listing on the Johannesburg Stock Exchange, reinforcing its commitment to South Africa and the broader African market. The company also holds an option to acquire Coca-Cola’s remaining 25% stake in CCBA within six years of closing.
Despite reporting a smaller-than-expected 5% rise in Q3 organic revenue, Coca-Cola HBC maintained its annual sales outlook. Its London-listed shares fell as much as 4.7%, before recovering to a 1.2% decline by mid-morning on Tuesday.
Emerging Markets Drive Growth
Coca-Cola HBC’s emerging markets portfolio—including African, Eastern European, and Balkan countries—leads its volumes and sales, though no single market accounts for more than 20% of total volume.
The acquisition helps offset lost volumes from its 2022 exit from Russia, previously one of its largest and most profitable markets.
Goldman Sachs and UBS were advisers to Coca-Cola HBC, while Nomura alone advised GFI.
