Coca-Cola HBC to pursue secondary listing on JSE following $2.6 billion CCBA acquisition

Coca-Cola HBC will pursue a secondary listing on the Johannesburg Stock Exchange (JSE), following Tuesday’s announcement that 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. The transaction is valued at roughly $2.6 billion (R45 billion).

As part of the deal, the Coca-Cola Company will sell 41.52% of its 66.52% stake in CCBA to Coca-Cola HBC, while GFI will sell its entire 33.48% stake. This gives Coca-Cola HBC a 75% interest in CCBA, valuing 100% of the company at $3.4 billion in equity terms. The transaction is expected to close by the end of 2026.

CCBA is the largest Coca-Cola bottler in Africa, operating in 14 countries and responsible for about 40% of Coca-Cola’s total product volume sold across the continent. Coca-Cola HBC, one of the world’s biggest Coca-Cola bottlers, has a presence in 29 countries across Europe and Africa, including Nigeria and Egypt.

Upon closing, Coca-Cola HBC will handle roughly two-thirds of Coca-Cola's total volume in Africa and serve more than 50% of the continent’s population—reinforcing its long-term commitment to the region. With nearly 75 years of operating history in Africa, starting in Nigeria, Coca-Cola HBC aims to leverage this acquisition to share best practices, expand its advanced capabilities, and accelerate sustainable, profitable growth across CCBA.

“We are very excited to announce the acquisition of a majority stake in CCBA, with a path to full ownership,” said Zoran Bogdanovic, theCEO of Coca-Cola HBC. “With almost 75 years of experience in Nigeria and our successful acquisition of Coca-Cola’s bottling business in Egypt in 2022, we see tremendous growth potential in Africa. The continent has a large, growing consumer base and significant room for increased per capita consumption.”

Bogdanovic added: “We believe we can unlock this potential and deliver value for shareholders through our industry-leading capabilities, commercial expertise, and focus on sustainability. We are grateful for the trust placed in us by Coca-Cola and GFI and look forward to welcoming the CCBA team into the Coca-Cola HBC family.”

Coca-Cola and Coca-Cola HBC have also agreed to an option allowing Coca-Cola HBC to acquire the remaining 25% of CCBA still owned by Coca-Cola within six years of the transaction’s closing.

This sale marks another milestone in Coca-Cola’s ongoing strategy to refranchise its bottling operations. In 2015, bottling investments made up 52% of the company’s consolidated net revenue. By 2024, that figure had dropped to 13%, and following this transaction, it's expected to fall further to around 5%.

In a related move, Coca-Cola reached another refranchising milestone in July 2025, selling a 40% stake in Hindustan Coca-Cola Beverages Pvt. Ltd. to the Jubilant Bhartia Group, while retaining 60% ownership.

“Coca-Cola HBC is a strong and valued bottling partner that will lead the next phase of growth for CCBA,” said Henrique Braun, executive vice president and chief operating officer of Coca-Cola. “They’ve shown a strong track record in Africa, especially with share and volume growth in Egypt and Nigeria. We are pleased with their continued investment and aligned vision for the Coca-Cola system.”

GFI’s Continued Role in the Coca-Cola System

Though GFI is exiting its direct stake in CCBA, the Gutsche family will maintain involvement in the Coca-Cola system through its investment in Coca-Cola HBC.

“For more than 80 years, the Gutsche family has been committed to growing the Coca-Cola business across Southern and Eastern Africa,” said GFI Chairman Philipp Hugo Gutsche. “Coca-Cola HBC is the right partner to lead CCBA into the future and realize our shared vision for the Coca-Cola system in Africa.”

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