Coca-Cola HBC AG has reported the purchase of 75 % of Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family Investments, in a transaction that reaches $2.6 billion and values CCBA at approximately $3.4 billion.
The transaction will be financed through a new bridge line that will cover the cash portion, along with the issuance of Coca-Cola HBC shares equivalent to 5.47 % of the expanded share capital.
In addition, an option agreement will allow Coca-Cola HBC to later acquire the 25 % remaining of CCBA still held by The Coca-Cola Company.
Anastassis G. David, Chairman of Coca-Cola HBC, called the agreement “a historic moment” that reaffirms the company’s commitment to Africa in the long term. “We look forward to driving this positive momentum with CCBA and generating lasting value for our stakeholders,” he stated.
For his part, CEO Zoran Bogdanovic highlighted that the operation opens “the path to full ownership” and is supported by Coca-Cola HBC’s extensive experience on the continent, including its operations in Nigeria and Egypt. “With our capabilities, commercial experience and strong focus on sustainability, we believe we have the formula to foster growth and create value for all stakeholders”
