The Coca-Cola Company and Gutsche Family Investments (GFI) have announced an agreement to sell a 75% controlling stake in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC AG.
In a statement on October 21, the Coca-Cola Company stated that the deal is expected to close by the end of 2026, subject to regulatory and antitrust approvals.
Under the deal, Coca-Cola will sell 41.52% of its 66.52% stake in CCBA to Coca-Cola HBC, while GFI will sell its 33.48% stake.
“Coca-Cola HBC, which already runs operations in 29 countries across Europe and Africa—including Nigeria and Egypt—will expand its footprint significantly through this acquisition,” read part of the statement.
Coca-Cola and Coca-Cola HBC have also agreed to an option allowing Coca-Cola HBC to acquire the remaining 25% of CCBA owned by Coca-Cola within six years of closing.
CCBA, the largest Coca-Cola bottler in Africa, operates in 14 countries and accounts for roughly 40% of Coca-Cola’s product volume across the continent.
Coca-Cola HBC Acquires 75% of Coca-Cola Beverages Africa
After the sale, the Gutsche family will continue its involvement in both the Coca-Cola system and Africa through its ownership stake in Coca-Cola HBC.
Following the announcement of the sale, GFI Chairman Philipp Hugo Gutsche reaffirmed the family’s longstanding commitment to the Coca-Cola business and its growth across the African continent.
“For more than eight decades, the Gutsche family has been dedicated to developing the Coca-Cola business across Southern and Eastern Africa,” said GFI Chairman Philipp Hugo Gutsche.
“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.”
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The sale of Coca-Cola’s stake in CCBA marks another step in the company’s plan to hand over more of its bottling operations to independent partners.
In 2015, bottling investments made up 52% of Coca-Cola’s total revenue, but by 2024 this had dropped to 13%. Once this deal is completed, the company expects bottling investments to account for only about 5% of its total revenue.
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HBC Expansion
Once the acquisition is finalized, Coca-Cola HBC will handle two-thirds of Africa’s total Coca-Cola system volume and serve more than half of the continent’s population.
It has consumer brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories.
These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan, Jack Daniel’s and Grey Goose.
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