Coca-Cola HBC to pursue secondary listing on JSE following $2.6 billion CCBA acquisition

COCA-Cola HBC will pursue a secondary listing on the Johannesburg Stock Exchange (JSE), following Tuesday’s announcement that the Coca-Cola Company and Gutsche Family Investments (GFI) have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC. The transaction is valued at roughly $2.6 billion (R45 billion).

- PHILIPPA LARKIN

As part of the deal, the Coca-Cola Company will sell 41.52% of its 66.52% stake in CCBA to Coca-Cola HBC, while GFI will sell its entire 33.48% stake.

This gives Coca-Cola HBC a 75% interest in CCBA, valuing 100% of the company at $3.4 billion in equity terms. The transaction is expected to close by the end of 2026.

CCBA is the largest Coca-Cola bottler in Africa, operating in 14 countries and responsible for about 40% of Coca-Cola's total product volume sold across the continent.

Coca-Cola HBC, one of the world’s biggest Coca-Cola bottlers, has a presence in 29 countries across Europe and Africa, including Nigeria and Egypt.