Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) is set to acquire a 75% majority stake in Coca-Cola Beverages Africa (CCBA) for $2.6 billion, marking one of the largest beverage deals on the continent in recent years.
The acquisition, expected to close by the end of 2026, will create the second-largest Coca-Cola bottling partner in the world by volume.
The move positions Coca-Cola HBC as a dominant player in Africa’s rapidly expanding non-alcoholic beverage market, where population growth, urbanization, and rising disposable incomes continue to drive demand.
The deal underscores the strategic shift by global beverage players toward emerging markets, where long-term consumption potential remains strong.
Under the agreement, Coca-Cola HBC, headquartered in Nigeria and operating extensively in Egypt and other regions, will take control of CCBA’s operations across 14 African countries.
These include major markets such as South Africa, Kenya, Ethiopia, and Tanzania, giving Coca-Cola HBC a presence in territories covering nearly two-thirds of the total Coca-Cola system volume in Africa.
According to the company’s statement released Tuesday, the acquisition will allow Coca-Cola HBC to serve more than half of Africa’s population.
This expanded operational scale will enable efficiencies in production, logistics, and distribution, creating stronger market synergies across the continent.
Coca-Cola HBC described the acquisition as a “transformational step” that will unlock “significant value through scale, efficiency, and growth opportunities.”
The company’s expanded African operations will further integrate its supply chain and enhance competitiveness in a region expected to lead global beverage growth over the next decade.
To reinforce its regional presence, Coca-Cola HBC announced plans for a secondary listing on the Johannesburg Stock Exchange (JSE) after completing the deal.
The listing aims to increase local investor participation and signal the company’s long-term confidence in South Africa and the broader African market.
Coca-Cola Beverages Africa, headquartered in Johannesburg, is the largest Coca-Cola bottler on the continent and ranks among the top ten globally.
Formed in 2016 through the merger of several regional bottlers, CCBA manages extensive production and distribution networks across multiple African economies, making it a strategic asset for Coca-Cola’s growth in the region.
Upon completion of the transaction, Coca-Cola HBC will become a key partner within The Coca-Cola Company’s global bottling network, second only to Coca-Cola Europacific Partners by volume.
The integration aligns with Coca-Cola’s broader objective of optimizing regional operations to drive sustainable growth.
Nigeria’s Role and Coca-Cola’s Long-Term Commitment
Nigeria remains central to Coca-Cola’s African ambitions. In 2021, the company announced a $1 billion, five-year investment plan to expand its local operations and strengthen its supply chain.
However, the initiative was later paused due to what officials described as a “challenging business environment” and rising excise taxes that affected profitability forecasts.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, clarified that despite the suspension, Coca-Cola and its Nigerian bottling partner, the Nigeria Bottling Company (NBC), have invested $1.5 billion in the country over the past decade.
This continued investment highlights Coca-Cola’s long-term commitment to Africa’s largest consumer market.
Outlook
The acquisition signals a major milestone in Coca-Cola HBC’s growth trajectory, expanding its influence across Africa’s dynamic consumer landscape.
With this deal, the company aims to harness the continent’s youthful population and growing middle class to drive future growth, reinforcing its position as a global leader in beverage manufacturing and distribution.