The Swiss-based bottling company Coca‑Cola HBC AG (HBC) has reached agreement to purchase a 75 percent stake in Africa’s leading bottler, Coca‑Cola Beverages Africa Pty Ltd (CCBA), for approximately US $2.6 billion, thereby valuing the African firm at about US $3.4 billion.
Deal Overview and Strategic Rationale
Under the terms of the transaction, the US-based The Coca‑Cola Company (TCCC) will sell its roughly 42 percent stake in CCBA, while South Africa’s Gutsche Family Investments (GFI) will divest its full interest to HBC.
HBC’s chief executive, Zoran Bogdanović, described the deal as a “path to full ownership”, while TCCC’s senior operating executive, Henrique Braun, referred to HBC as a “strong and valued bottler” to lead CCBA’s next growth chapter. The acquisition is subject to regulatory approvals and is expected to be completed by the end of 2026.
Market Impact and Geographic Reach
With this transaction, HBC significantly broadens its presence across the African continent, adding 14 new markets where CCBA currently operates. According to the companies’ disclosures, post-deal HBC would account for nearly two-thirds of Africa’s total Coca-Cola system volume, serving more than half of the continent’s population.
CCBA is active in countries including South Africa, Kenya, Ethiopia, Uganda, Mozambique, Tanzania, Namibia, Botswana, Zambia, Eswatini, Lesotho, Malawi and the islands of Comoros and Mayotte. The company reportedly operates 37 bottling plants and more than 100 production lines.
The deal places HBC as the world’s second-largest Coca-Cola bottling partner by volume, trailing only Coca‑Cola FEMSA. TCCC uses regional bottling partners to manufacture, package and distribute its brands; the consolidation underscores its refranchising strategy in bottling operations globally.
Financial Considerations and Outlook
According to HBC’s announcement, the acquisition is expected to be accretive to earnings per share (EPS) by low-single digits in the first full year following completion. With the enlarged business, HBC’s pro-forma 2024 volumes would reach about 4.0 billion unit cases, with revenues at around €14.1 billion and EBIT (earnings before interest and tax) near €1.4 billion.
HBC also intends to cancel its share buy-back programme immediately in connection with the deal and is targeting a net debt to EBITDA leverage ratio toward the top of its medium-term target range of 1.5–2.0×. Credit ratings are expected to remain unaffected.
Despite the announcement, HBC’s shares fell by as much as 4.7 percent before paring losses somewhat. The company had reported a third-quarter organic sales rise of 5 percent, below market expectations and down from 13.9 percent a year earlier.
Strategic Importance and Broader Context
The move signals HBC’s deepening commitment to the African market, where demographic indicators favour expanding beverage consumption. More than 60 percent of the population in CCBA’s markets is under age 30, providing a favourable base for future growth.
For TCCC, the transaction aligns with its preference to outsource bottling operations, allowing it to focus on brand building, innovation and price-mix improvement rather than owning manufacturing and distribution assets. A similar refranchising step was taken earlier in 2025 in India with the sale of a stake in Hindustan Coca‑Cola Beverages.
The deal also reinforces HBC’s role as a strategic partner in emerging and frontier markets. Founded nearly 75 years ago in Nigeria and with a successful acquisition of TCCC’s Egyptian bottling business in 2022, HBC brings regional experience and manufacturing capabilities to the newly-added African footprint.