Coca-Cola HBC
Acquisition of Coca-Cola Beverages Africa, bringing together two leading bottlers in Africa to drive
sustainable, profitable growth
- Coca-Cola HBC reaches an agreement to acquire Coca-Cola Beverages Africa, creating the second
largest Coca-Cola bottling partner by volume globally1, with leading market positions across Africa
and Europe - Coca-Cola Beverages Africa operates in 14 markets across Africa, representing c.40% of Coca-Cola
system volumes sold across the continent - Acquisition materially expands Coca-Cola HBC’s existing African presence, driving further scale
and diversification in high growth markets with compelling long-term demographics, unlocking
opportunities for growth - Combination enhances Coca-Cola HBC’s vision of being the leading 24/7 beverage partner, with a
portfolio of global and local brands to win in the marketplace - Creates a platform to drive growth by leveraging both companies’ expertise in emerging markets
- Enhances shareholder value, with expected low-single digit EPS accretion from the first full year
following completion - Coca-Cola HBC intends to pursue a secondary listing on the Johannesburg Stock Exchange to
underpin its commitment to both South Africa and the African continent - Completion targeted by the end of 2026, subject to approvals
Zug, Switzerland, 21 October 2025. Coca-Cola HBC AG (“Coca-Cola HBC”) announces that it has entered
into a definitive sale and purchase agreement to acquire a 75% shareholding in Coca-Cola Beverages
Africa Pty Ltd (“CCBA”) from The Coca-Cola Company (“The Coca-Cola Company” or “TCCC”) and
Gutsche Family Investments Pty Ltd (“GFI”) for a combined purchase price of US$2.6 billion (together, the
“Acquisition”), implying an equity value for 100% of CCBA of US$3.4 billion. The Acquisition is being funded
through a new bridge financing facility to cover the cash consideration and Coca-Cola HBC shares issued
to GFI representing 5.47% of Coca-Cola HBC’s enlarged issued and outstanding share capital. In addition,
Coca-Cola HBC and TCCC have agreed to enter into an option agreement enabling Coca-Cola HBC to
purchase, or TCCC to sell, the remaining 25% equity interest in CCBA still owned by TCCC following
Completion.
Anastassis G. David, Chairman of the Board of Coca-Cola HBC, said:
“This milestone marks a historic moment for Coca-Cola HBC and continues our legacy of growth and
partnership across Africa. 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. On behalf of the board, I’d like to
thank The Coca-Cola Company and the Gutsche family for their ongoing partnership and trust.”
1 Based on 2024 volumes according to company information