Click to watchCoca-Cola HBC, one of the world’s largest Coca-Cola bottlers, will take a 75% controlling stake in Coca-Cola Beverages Africa (CCBA) for $3.4 billion. The transaction, expected to close by the end of 2026, will give HBC control of two-thirds of Africa’s Coca-Cola system and 40% of the continent’s total Coke volume.
CCBA is Africa’s largest Coca-Cola bottler, operating in 14 countries and producing roughly 40% of all Coca-Cola sold across the continent. Under the deal, Coca-Cola will sell part of its 66.5% stake, while Gutsche Family Investments (GFI), which has helped grow the Coca-Cola business in Southern and Eastern Africa, will sell its 33.5% stake. A separate option allows Coca-Cola HBC to acquire the remaining 25% still held by Coca-Cola within six years of closing.
Strategic growth and refranchising
“This deal will help CCBA grow further in Africa,” said Henrique Braun, Coca-Cola’s chief operating officer. He highlighted Coca-Cola HBC’s strong track record in Nigeria and Egypt, where the company has delivered consistent market share and volume growth over the past several years.
Zoran Bogdanovic, CEO of Coca-Cola HBC, described Africa as a “sizable and growing consumer market with significant potential to increase per capita consumption.” He said the acquisition would allow HBC to apply its operational expertise and sustainability practices to CCBA, creating value for shareholders while supporting long-term growth across the continent.
The sale is part of Coca-Cola’s ongoing refranchising strategy, which aims to reduce company-owned bottling operations. Bottling investments accounted for 52% of Coca-Cola’s revenue in 2015, falling to 13% in 2024, and are expected to drop further to around 5% after this deal. Similar moves have been made in India, where Coca-Cola sold a 40% stake in Hindustan Coca-Cola Beverages earlier this year.
Regulatory approvals are still required, and Coca-Cola HBC plans a secondary listing on the Johannesburg Stock Exchange. This will reinforce its long-term commitment to Africa and signal confidence in the continent’s growth potential.
The Gutsche family will remain involved through its stake in Coca-Cola HBC, ensuring continuity in the Coca-Cola system and ongoing investment in Africa.
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