The deal, which includes Coca-Cola HBC shares issued to GFI, also provides an option for full ownership of the remaining 25% held by TCCC.
The acquisition marks a significant milestone for Coca-Cola HBC, expanding its footprint across Africa. CCBA operates in 14 African markets in addition to Coca-Cola HBC’s existing operations in Nigeria and Egypt.
The combined group is projected to represent two-thirds of Africa’s total Coca-Cola system volume and cover more than 50% of the continent’s population.
Anastassis G. David, Chairperson of Coca-Cola HBC, said the move builds on decades of investment across Africa and is expected to accelerate growth and value creation for stakeholders.
Chief Executive Zoran Bogdanovic highlighted CCBA’s strong track record in non-alcoholic ready-to-drink beverages and the opportunity to leverage Coca-Cola HBC’s expertise in emerging markets.
Henrique Braun, Executive Vice President of TCCC, praised Coca-Cola HBC’s role in driving growth across Africa, while Philipp H. Gutsche of GFI expressed confidence in Coca-Cola HBC as the right partner to take CCBA forward.
The strategic rationale behind the acquisition includes diversifying Coca-Cola HBC’s geographic footprint, capturing high-growth demographics, and further strengthening the long-term partnership with The Coca-Cola Company. The combined business is expected to deliver pro forma 2024 volumes of 4 billion unit cases, revenues of $16.37 billion, and earnings before interest and taxes of $1.63 billion.
Financially, the acquisition is expected to be low-single-digit EPS accretive in the first full year, with leverage anticipated to remain within Coca-Cola HBC’s medium-term target range and no expected impact on its credit rating. The company has also confirmed the immediate cancellation of its share buyback programme.
With this acquisition, Coca-Cola HBC positions itself as a leading beverage partner across Africa, capitalising on the continent’s growing consumer markets and reinforcing its commitment to sustainable growth and community impact.
–ChannelAfrica–
