The Coca-Cola Company and Gutsche Family Investments (GFI) have announced an agreement to sell a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC AG, one of the world’s largest Coca-Cola bottlers.

The deal values 100% of CCBA at US$3.4 billion and is expected to close by the end of 2026, subject to regulatory and antitrust approvals.

Under the agreement, Coca-Cola will sell 41.52% of its 66.52% stake, while GFI will offload its 33.48% ownership, handing Coca-Cola HBC majority control.

The soft drinks giant will retain a 25% stake, which Coca-Cola HBC has the option to purchase within six years of the deal’s closure.

Strengthening Africa’s Coca-Cola System

CCBA, headquartered in South Africa, is the largest Coca-Cola bottler in Africa, operating in 14 countries and handling nearly 40% of the continent’s Coca-Cola product volume.

“This acquisition will help usher in the next chapter of growth for CCBA,” said Henrique Braun, Executive Vice President and Chief Operating Officer of The Coca-Cola Company.

“Coca-Cola HBC has demonstrated a strong track record of growing our system across Africa, having achieved market share growth in Egypt and strong performance in Nigeria,” Braun added.

With this acquisition, Coca-Cola HBC will represent two-thirds of Africa’s Coca-Cola system volume, covering more than 50% of the continent’s population.

Refranchising and Expansion Strategy

The move marks a major milestone in Coca-Cola’s ongoing refranchising strategy, aimed at transferring ownership of bottling operations to local and regional partners.

In 2024, bottling investments accounted for 13% of Coca-Cola’s consolidated net revenue, a significant drop from 52% in 2015.

Once the CCBA sale is finalized, that figure is expected to decline further to about 5%.

Earlier in July 2025, Coca-Cola sold a 40% stake in its Indian bottler, Hindustan Coca-Cola Beverages, to Jubilant Bhartia Group, retaining 60% ownership.

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Gutsche Family’s Continued Role

Gutsche Family Investments, led by Chairman Philipp Hugo Gutsche, emphasized its long-standing role in expanding Coca-Cola’s presence in Africa.

“For more than eight decades, the Gutsche family has been dedicated to developing the Coca-Cola business across Southern and Eastern Africa,” Gutsche said.

“Coca-Cola HBC is the ideal partner to carry the CCBA business forward and realize our shared vision for the continent,” Braun lamented.

Despite selling its stake, the Gutsche family will continue its involvement in the Coca-Cola system through its shareholding in Coca-Cola HBC.

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Coca-Cola HBC’s Vision for Africa

Zoran Bogdanovic, CEO of Coca-Cola HBC, described the acquisition as a strategic move to strengthen the company’s African footprint.

“With almost 75 years of experience in Nigeria and our successful acquisition of Coca-Cola’s bottling business in Egypt in 2022, we see huge growth opportunities in Africa,” Bogdanovic said.

“We believe we can unlock growth by leveraging our best-in-class capabilities and sustainability approach.”

Following the acquisition, Coca-Cola HBC plans a secondary listing on the Johannesburg Stock Exchange (JSE) to underscore its commitment to South Africa and the broader continent.

Financial Advisors

Rothschild & Co acted as sole financial adviser to The Coca-Cola Company, while Goldman Sachs Bank Europe SE and UBS AG London Branch advised Coca-Cola HBC. Nomura International served as the sole financial adviser to GFI.

Once completed, the deal is expected to reshape Coca-Cola’s operations in Africa, ushering in a new era of regional growth, investment, and operational autonomy for one of the continent’s largest beverage networks.

Press Release by the Coca-Cola Company and Gutsche Family Investments (GFI) announcing an agreement to sell a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC AG. PHOTO/ Coca-Cola.