The Coca-Cola Company and Gutsche Family Investments (GFI) will sell a 75% stake in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC in a deal valuing the bottler at $3.4 billion. CCBA, the largest Coca-Cola bottler in Africa, operates in 14 countries and accounts for about 40% of the continent’s Coca-Cola volume.
Coca-Cola will sell 41.52% of its stake, and GFI will sell 33.48% to Coca-Cola HBC, with the transaction expected to close by the end of 2026. Coca-Cola HBC will also have the option to acquire the remaining 25% within six years.
The sale marks another step in Coca-Cola’s global refranchising strategy, reducing bottling operations to around 5% of consolidated revenue. After completion, Coca-Cola HBC will manage two-thirds of Africa’s Coca-Cola volume and cover over half of the continent’s population.
Coca-Cola HBC also plans a secondary listing on the Johannesburg Stock Exchange, reinforcing its long-term commitment to Africa’s growth.