Coca‑Cola HBC to Buy 75% of CCBA for $2.6B

Coca‑Cola HBC will acquire a 75% stake in Coca‑Cola Beverages Africa from The Coca‑Cola Company and Gutsche Family Investments for about $2.6 billion, implying a total CCBA equity value of roughly $3.4 billion. Under the terms, Coca‑Cola is selling 41.52% of its 66.52% holding and the Gutsche family is selling its full 33.48%, receiving cash and HBC shares that will leave the Gutsche family with about a 5.5% stake in Coca‑Cola HBC. The companies agreed option arrangements that could allow Coca‑Cola HBC to acquire the remaining 25% within six years of closing, which is expected by the end of 2026. Coca‑Cola said the sale furthers its refranchising strategy to reduce capital‑intensive bottling exposure. The deal will make Coca‑Cola HBC the second‑largest Coca‑Cola bottler by volume and the buyer plans a secondary listing on the Johannesburg Stock Exchange. Coca‑Cola HBC cancelled a planned share buyback to help finance the transaction and its shares fell as much as 4.7% in London after the announcement.