ATLANTA — The Coca‑Cola Company and Gutsche Family Investments have agreed to sell a 75% controlling interest in Coca‑Cola Beverages Africa to Coca‑Cola HBC AG, the companies announced today.
CCBA, the largest Coca‑Cola bottler in Africa, operates in 14 countries and accounts for about 40% of all Coca‑Cola product volume sold across the continent.
The transaction values CCBA at an equity value of $3.4 billion and is expected to close by the end of 2026.
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“Coca‑Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA,” Henrique Braun, executive vice president and chief operating officer of Coca‑Cola, said in a statement.
Coca‑Cola announced Tuesday it will sell 41.52% of its 66.52% stake in CCBA to Coca‑Cola HBC, while Coca‑Cola HBC will acquire 33.48% of CCBA held by Gutsche Family Investments (GFI).
Coca‑Cola HBC has also agreed to a separate option agreement to acquire the remaining 25% of CCBA still owned by Coca‑Cola within six years from the sale’s closing.
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The company said the sale is part of Coca‑Cola’s ongoing refranchising efforts, which have reduced bottling investments from 52% of consolidated net revenue in 2015 to an expected 5% following this transaction.
In July 2025, Coca‑Cola sold a 40% ownership stake in Hindustan Coca‑Cola Beverages Pvt. Ltd. to Jubilant Bhartia Group, continuing its refranchising strategy.
GFI will maintain involvement in the Coca‑Cola system through its ownership stake in Coca‑Cola HBC.
Following the acquisition, Coca‑Cola HBC will represent two-thirds of Africa’s total Coca‑Cola system volume, covering over 50% of the continent’s population.
“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,” GFI Chairman Philipp Hugo Gutsche said.
Zoran Bogdanovic, CEO of Coca‑Cola HBC, expressed excitement about the acquisition, highlighting the growth opportunities in Africa due to its sizable and growing consumer base.
The acquisition by Coca‑Cola HBC is set to significantly expand its presence in Africa, with plans to leverage its capabilities to drive sustainable growth.
The transaction marks a major step in Coca‑Cola’s refranchising strategy, aiming to streamline its operations and focus on core business areas.
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