Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) has announced plans to acquire a 75 per cent majority stake in Coca-Cola Beverages Africa (CCBA) in a landmark $2.6 billion deal, a move set to make it the second-largest Coca-Cola bottling partner globally by volume.
The transaction, expected to be completed by the end of 2026, will significantly expand Coca-Cola HBC’s footprint across the African continent, positioning the company as a leading force in the region’s rapidly growing beverage industry.
Under the terms of the agreement, Coca-Cola HBC — which already has a strong presence in Nigeria, Egypt, and other parts of Africa — will assume control of operations in 14 additional markets, including South Africa, Kenya, Ethiopia, and Tanzania. Upon completion, the company will oversee nearly two-thirds of the Coca-Cola system’s total volume in Africa, serving over half of the continent’s population, according to a statement issued on Tuesday.
Strategic Importance
The acquisition aligns with Coca-Cola HBC’s long-term strategy to strengthen its presence in high-growth emerging markets. With Africa’s population projected to exceed 1.5 billion by 2030, rising disposable incomes and an expanding middle class are fuelling demand for non-alcoholic beverages across the continent.
To further demonstrate its commitment to Africa, Coca-Cola HBC also announced plans to seek a secondary listing on the Johannesburg Stock Exchange (JSE) once the acquisition is concluded. The company noted that this move would deepen investor participation in South Africa and underscore its confidence in the continent’s long-term economic prospects.
“The acquisition of CCBA represents a transformational milestone for Coca-Cola HBC, combining two robust operations and unlocking significant value through scale, efficiency, and growth opportunities,” the company said in a statement.
About Coca-Cola Beverages Africa
Headquartered in Johannesburg, CCBA is the largest Coca-Cola bottler in Africa and ranks among the top ten globally. Formed in 2016 through the merger of several regional bottlers, the company manages production and distribution across key African markets.
Following the acquisition, Coca-Cola HBC will become one of The Coca-Cola Company’s most strategic global partners, second only to Coca-Cola Europacific Partners by production volume.
Background
In 2021, The Coca-Cola Company announced a $1 billion, five-year investment plan to expand operations and strengthen its supply chain in Nigeria. However, the initiative was later suspended due to what the company described as a “challenging business environment” and increased excise taxes that disrupted its operational forecasts.
Despite this, Bayo Onanuga, Special Adviser to the President on Information and Strategy, clarified that Coca-Cola and its local bottling partner, the Nigerian Bottling Company (NBC), have invested $1.5 billion in Nigeria over the past decade — reaffirming the company’s long-term commitment to the Nigerian market.
