The Coca-Cola Company and Gutsche Family Investments (GFI) have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC AG. The agreement, announced by the companies on October 21, 2025, values CCBA at $3.4 billion.
CCBA is the largest Coca-Cola bottler in Africa, operating in 14 countries and accounting for about 40% of all Coca-Cola product volume sold across the continent. Coca-Cola HBC, already one of the world’s largest Coca-Cola bottlers with operations in 29 countries including Nigeria and Egypt, will further expand its presence through this deal.
Under the terms of the transaction, Coca-Cola will sell 41.52% of its 66.52% stake in CCBA to Coca-Cola HBC. GFI will sell its entire 33.48% stake to Coca-Cola HBC as well. After closing, targeted by the end of 2026, Coca-Cola HBC will hold a majority interest in CCBA. There is also an option agreement for Coca-Cola HBC to acquire the remaining 25% of CCBA still owned by Coca-Cola within six years after closing.
This move marks another step in The Coca-Cola Company’s ongoing refranchising strategy, which aims to reduce company-owned or controlled bottling operations. In recent years, The Coca-Cola Company has significantly decreased its direct involvement in bottling: from representing over half of consolidated net revenue in 2015 to about 13% in 2024; following this transaction, it expects bottling investments to make up approximately 5%.
In July 2025, as part of similar efforts outside Africa, The Coca-Cola Company sold a minority stake (40%) in Hindustan Coca‑Cola Beverages Pvt. Ltd., its Indian bottler, to Jubilant Bhartia Group while retaining a majority share.
Henrique Braun, executive vice president and chief operating officer of The Coca‑Cola Company said: “Coca‑Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA. Coca‑Cola HBC has demonstrated a strong track record of growing our system across Africa, having strong market share growth in Egypt and realizing strong volume and share growth in Nigeria over the past several years. We are pleased with Coca‑Cola HBC’s continued and aligned investment in the Coca‑Cola system and in taking another significant step forward in the refranchising of company-owned bottling operations.”
After completing the sale, GFI will continue its involvement through an ownership stake in Coca‑Cola HBC.
Philipp Hugo Gutsche, chairman of GFI stated: “For more than eight decades, the Gutsche family has been dedicated to developing the Coca‑Cola business across Southern and Eastern Africa. Coca‑Cola HBC is the ideal partner to carry the CCBA business forward and to realize their shared vision for the Coca‑Cola system on the continent.”
With this acquisition, once finalized, Coca‑Cola HBC will represent two-thirds of Africa’s total Coke system volume and serve more than half of Africa’s population. The company plans to leverage best practices developed during nearly seventy-five years on the continent since its founding operations began in Nigeria.
Zoran Bogdanovic, CEO of Coca‑Cola HBC commented: “We are very excited to announce the acquisition of a majority stake in CCBA, with a path to full ownership… With almost 75 years of experience in Nigeria and with our successful acquisition of Coca‑Cola’s bottling business in Egypt in 2022, we see huge growth opportunities in Africa. It has a sizable and growing consumer base and significant potential to increase per capita consumption… We believe we can unlock this growth and create value for our shareholders by leveraging our best-in-class bespoke capabilities, commercial expertise and industry-leading approach to sustainability. We appreciate the trust placed in us by Coca‑Cola and GFI and look forward to welcoming the CCBA team to Coca‑Cola HBC and driving joint success.”
The completion of this deal remains subject to customary regulatory approvals as well as antitrust clearances.
As part of its commitment to South Africa and broader African markets after closing this transaction, Coca‑Cola HBC intends to pursue a secondary listing on the Johannesburg Stock Exchange.
Rothschild & Co advised The Coca‑Cola Company; Goldman Sachs Bank Europe SE (Amsterdam Branch) along with UBS AG London Branch advised Coca‑Cola HBC; Nomura International was adviser for GFI.
