Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) has announced a landmark agreement to acquire a 75 per cent stake in Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family Investments in a deal valued at $2.6 billion, placing CCBA’s overall valuation at approximately $3.4 billion.
The acquisition, disclosed in late October, is one of the largest transactions in the Coca-Cola system’s history. Once finalised, it will establish Coca-Cola HBC as the world’s second-largest Coca-Cola bottler by volume, deepening its operational reach across the African continent. The transaction remains subject to regulatory approval and is expected to conclude by the end of 2026.
Headquartered in Johannesburg, CCBA operates in 14 markets including South Africa, Kenya, Ethiopia, Uganda, Mozambique, Tanzania and Namibia. The company accounts for nearly 40 per cent of Coca-Cola’s total beverage volumes sold across Africa. Its portfolio extends beyond carbonated drinks to include water, juices, energy beverages and ready-to-drink teas, reflecting a diversified and regionally responsive product strategy.
Through this acquisition, Coca-Cola HBC aims to extend its footprint to cover more than half of Africa’s population, producing an estimated four billion unit cases annually. The combined entity’s pro forma revenues are projected at €14.1 billion. According to statements from the company, the transaction will be financed via a €2.5 billion bridge facility, with a planned secondary listing on the Johannesburg Stock Exchange (JSE) to demonstrate its long-term commitment to African markets and investors.
Industry analysts note that the deal underscores the growing strategic importance of Africa in global consumer markets. The continent’s expanding middle class, rising urbanisation rates and youthful demographics have created a favourable environment for sustained growth in the fast-moving consumer goods sector. According to McKinsey & Company’s Africa Insights, Africa’s beverage industry is projected to expand steadily over the next decade as demand for both global and locally tailored products increases.
For Coca-Cola HBC, integrating CCBA’s 37 production plants and 14,000 employees represents a transformative opportunity to streamline supply chains, enhance distribution networks and advance sustainability initiatives in energy efficiency and water management. The move builds upon HBC’s existing presence in high-growth markets such as Nigeria and Egypt, positioning the company as a key player in Africa’s rapidly modernising beverage sector.
Regional economists view the transaction as emblematic of a broader trend in which global corporations are recalibrating their approach to African markets—not merely as extractive or peripheral, but as central to their long-term value creation. The inclusion of a JSE listing signals an awareness of the importance of local capital markets and the need for inclusive investment frameworks that engage African stakeholders.
While the acquisition represents an ambitious step towards consolidating Coca-Cola’s African operations, it also raises questions regarding equitable growth, competition, and the balance between global corporate influence and local economic empowerment. Observers suggest that the success of the deal will depend on how effectively Coca-Cola HBC integrates local supply chains and contributes to regional industrial development.
Ultimately, this acquisition is more than a transaction; it is a reflection of shifting global economic geography, with Africa emerging not as a frontier to be entered, but as a partner in shaping the next phase of sustainable growth in global consumer markets.
