Shifts are underway in the global beverage industry: Coca-Cola HBC AG will acquire a 75% stake in Coca-Cola Beverages Africa (CCBA) for $2.6 billion (approximately 45 billion South African rand). Once the deal closes, it will become the world’s second-largest Coca-Cola bottling partner by volume.
Coca-Cola HBC, headquartered in Switzerland, traces its roots to 1951 as the former Nigerian Bottling Company and now operates in 29 countries across 3 continents. On the other hand, Johannesburg-based CCBA was formed in 2015 through the merger of bottling operations owned by The Coca-Cola Company, SABMiller, and Gutsche Family Investments (GFI). It began formal operations in 2016, with The Coca-Cola Company currently holding a 66.5% stake and GFI holding 33.5%.
After the acquisition, Coca-Cola HBC will add 14 African markets to its portfolio. It will then account for two-thirds of the total Coca-Cola system volume on the continent and cover over half of Africa’s population. Additionally, Coca-Cola HBC plans a secondary listing on the Johannesburg Stock Exchange to demonstrate its commitment to South Africa and the African continent.
Notably, this acquisition aligns with The Coca-Cola Company’s strategic shift: the U.S.-based beverage firm has been gradually exiting the bottling business, having already sold a stake in its Indian operations earlier this year.
Separately, CCBA’s South African subsidiary—Coca-Cola Beverages South Africa (CCBSA)—made headlines in September with restructuring plans. Citing financial constraints, CCBSA proposed closing plants in Bloemfontein and East London and cutting approximately 680 jobs (nearly 9% of its 7,700-strong workforce in South Africa), mostly among cleaning staff. The layoff plan is still under consultation; the company stated that if restructuring is implemented, it may offer “separation packages” instead of “forced separations,” though no final decision has been made.
Coca-Cola HBC is acquiring the CCBA stake from The Coca-Cola Company and GFI, with an option to purchase the remaining 25% within six years. The entire transaction is expected to close by the end of next year.
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