Coca-Cola HBC to acquire majority stake in Coca-Cola Beverages Africa for $2.6bn

January 2026 | DEALFRONT | MERGERS & ACQUISITIONS

Financier Worldwide Magazine

January 2026 Issue

Coca-Cola HBC has agreed to purchase a 75 percent stake in Coca-Cola Beverages Africa (CCBA) for $2.6bn, creating the world’s second-largest Coca-Cola bottling partner by beverage volume. The deal values CCBA at $3.4bn and marks a significant expansion of Coca-Cola HBC’s footprint across Africa.

Under the agreement, Coca-Cola HBC will acquire approximately 41.5 percent of CCBA from The Coca-Cola Company and the entire 33.5 percent stake held by Gutsche Family Investments. Completion is targeted by the end of 2026, subject to regulatory and antitrust approvals from authorities including the Competition Commission of South Africa, COMESA, and national regulators in Kenya and Ethiopia. Until closing, both businesses will continue to operate independently.

The transaction will be financed through a bridge loan and the issuance of new Coca-Cola HBC shares to Gutsche Family Investments, representing 5.47 percent of the enlarged share capital. An option agreement gives Coca-Cola HBC the right to acquire, or The Coca-Cola Company the right to sell, the remaining 25 percent stake within six years of completion, paving the way for full ownership.

CCBA is the largest Coca-Cola bottler in Africa, operating in 14 countries and accounting for about 40 percent of Coca-Cola’s product volumes on the continent. Coca-Cola HBC already has a strong presence in Africa, having established operations in Nigeria nearly 75 years ago and expanded into Egypt in 2022. Following the acquisition, Coca-Cola HBC will serve more than half of Africa’s population and handle roughly two-thirds of Coca-Cola system volumes in the region. The company intends to pursue a secondary listing on the Johannesburg Stock Exchange to reinforce its commitment to South Africa and the wider continent.

The acquisition aligns with Coca-Cola’s global refranchising strategy, which aims to reduce direct ownership of bottling operations and focus on brand building and concentrate production. This approach has significantly reshaped the company’s financial structure, with bottling revenue declining from 52 percent of total revenue in 2015 to just 13 percent in 2024. Analysts expect this figure to fall to around 5 percent following the CCBA transaction. Industry experts note that Africa’s beverage market is projected to grow at a compound annual rate of over 6 percent through 2030, driven by urbanisation, rising incomes and demographic trends.

“This milestone marks a historic moment for Coca-Cola HBC and continues our legacy of growth and partnership across Africa,” said Anastassis G. David, chairman of Coca-Cola HBC. “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.”

“Having established our business in Nigeria nearly 75 years ago and successfully integrated Egypt three years ago, we understand the compelling proposition Africa presents,” said Zoran Bogdanovic, chief executive of Coca-Cola HBC. “It has a large and growing consumer base, and there are significant opportunities to increase per capita consumption. With our bespoke capabilities, commercial expertise and industry-leading approach to sustainability, we believe we have the winning formula to drive sustainable, profitable growth.”

“Coca-Cola HBC is a trusted and important bottler and will play a key role in CCBA’s next phase of growth,” commented Henrique Braun, chief operating officer of The Coca-Cola Company. “Like Coca-Cola HBC, we see tremendous opportunity for growth and value creation in Africa.”

“The Gutsche family has been committed to The Coca-Cola Company business in Southern and East Africa for 85 years and is confident that Coca-Cola HBC is the right partner to take CCBA forward,” said Philipp H Gutsche, chairman of Gutsche Family Investments. “The family will remain invested in the Coca-Cola system and Africa through its shareholding in Coca-Cola HBC.”

Richard Summerfield