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The Coca-Cola Company and Gutsche Family Investments have agreed to sell a controlling 75% interest in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC AG, marking one of the largest beverage transactions on the continent.
The sale, announced jointly from Atlanta and Zug, Switzerland, is valued at $3.4 billion and is expected to close by the end of 2026, pending regulatory approvals. Coca-Cola will offload 41.52% of its current 66.52% stake, while Gutsche Family Investments (GFI) will divest its 33.48% holding. Coca-Cola HBC will then assume majority control, with an option to buy the remaining 25% over the next six years.
CCBA is the largest Coca-Cola bottler in Africa, supplying 14 countries and accounting for roughly 40% of the brand's beverage volume sold across the continent. Coca-Cola HBC already operates in 29 countries across Europe and Africa, including Nigeria and Egypt.
Henrique Braun, Coca-Cola's chief operating officer, described the deal as a "significant step" in the company's long-term plan to refranchise its bottling operations. "Coca-Cola HBC has shown strong performance across Africa, especially in Egypt and Nigeria," Braun said, adding that the partnership will "usher in the next chapter of growth for CCBA."
After the transaction, the Gutsche family will continue to hold interests within the Coca-Cola system through its shareholding in Coca-Cola HBC. "For over eight decades, our family has been part of Coca-Cola's growth in Southern and Eastern Africa," said Philipp Hugo Gutsche, GFI chairman. "We're confident Coca-Cola HBC will drive CCBA forward."
The move will make Coca-Cola HBC responsible for around two-thirds of Coca-Cola's system volume in Africa, representing more than half of the continent's population. CEO Zoran Bogdanovic said the expansion will help unlock Africa's "huge growth potential" by combining local expertise with HBC's operational scale.
The acquisition underscores Coca-Cola's continued retreat from direct bottling as it focuses on brand ownership and innovation. Once complete, bottling investments are expected to account for only 5% of Coca-Cola's total revenue, down from 52% in 2015 — a transformation nearly a decade in the making.
