Coca-Cola Hellenic Bottling Company (HBC) has made a major play for Africa’s booming beverage market, announcing the acquisition of a 75% stake in Coca-Cola Beverages Africa (CCBA) in a deal worth $2.6 billion, marking one of the largest corporate investments on the continent this year.
The transaction — which values CCBA at $3.4 billion — transfers majority ownership from The Coca-Cola Company (TCCC) and Gutsche Family Investments (GFI) to Coca-Cola HBC, strengthening its presence across 14 African countries, including South Africa, Kenya, Ethiopia, Mozambique, Tanzania, and Uganda.
According to Reuters, the move cements Coca-Cola HBC’s dominance in Africa, granting it access to over 50% of the continent’s population and positioning it as the world’s second-largest Coca-Cola bottler by volume, trailing only Mexico’s Coca-Cola FEMSA.
Coca-Cola HBC described the deal as a strategic leap into one of the world’s fastest-growing consumer markets. CCBA currently produces around 40% of Coca-Cola’s total beverage volumes in Africa and operates more than 40 bottling plants across sub-Saharan Africa.
The company pointed to the continent’s youthful population — with over 60% of citizens under 30 — as a major driver of future demand for ready-to-drink beverages. “Africa represents the next chapter of our growth story,” Coca-Cola HBC CEO Zoran Bogdanovic said in a statement. “This acquisition accelerates our strategy to expand in high-potential markets where consumer demand is expanding rapidly.”
As part of the agreement, Coca-Cola HBC will have the option to acquire the remaining 25% of CCBA still held by The Coca-Cola Company within six years.
The company also announced plans for a secondary listing on the Johannesburg Stock Exchange (JSE) — a signal of its long-term commitment to Africa’s economic landscape.
To fund the purchase, Coca-Cola HBC said it would suspend its share buyback programme and redirect capital towards integration, infrastructure, and market expansion.
Industry experts say the acquisition could trigger a wave of investment in manufacturing, logistics, and supply chains across sub-Saharan Africa. By consolidating production and distribution networks, the bottler aims to reduce costs and increase efficiency in meeting Africa’s growing beverage demand.
“This deal underscores the rising confidence of multinationals in Africa’s long-term growth story,” said Analyst David Kiptoo of Nairobi-based Frontier Insights. “It’s not just about selling soft drinks — it’s about building an ecosystem that supports local economies, creates jobs, and strengthens trade flows.”
With the acquisition finalized, Coca-Cola HBC plans to roll out sustainability-driven production models, including water-recycling systems and solar-powered plants across key regions.
Meanwhile, Coca-Cola Company CEO James Quincey said the divestment allows the parent company to focus on brand ownership and innovation, while leaving “localized excellence” in bottling and distribution to Coca-Cola HBC.
The $2.6 billion deal signals a turning point for Coca-Cola’s global strategy — one that places Africa at the heart of its next growth phase. For Coca-Cola HBC, it represents both an expansion of influence and a bet on the continent’s economic future.
If successful, the acquisition could redefine how global beverage companies engage Africa’s youthful, rapidly urbanizing, and increasingly digital consumer base — transforming the continent from a “developing market” into a core engine of global growth for the Coca-Cola system.
