Coca-Cola HBC AG (LSE:CCH) entered into a definitive sale and purchase agreement to acquire 75% stake in Coca-Cola Beverages Africa (Pty) Ltd from Gutsche Family Investments Proprietary Limited, European Refreshments Unlimited Company and Coca-Cola Holdings Africa Limited for $2.6 billion on October 21, 2025. A cash consideration of $1.61 billion will be paid by Coca-Cola HBC AG to European Refreshments Unlimited Company,European Refreshments Unlimited Company,Coca-Cola Holdings Africa Limited. The consideration consists of 21.03 million common equity of Coca-Cola HBC AG to be issued for common equity of Coca-Cola Beverages Africa (Pty) Ltd to Gutsche Family Investments Proprietary Limited .The transaction will be financed through bridge financing of $2.91 billion. Before completion, Gutsche Family Investments Proprietary Limited held 33.48% stake and European Refreshments Unlimited Company and Coca-Cola Holdings Africa Limited together held 66.52% stake in Coca-Cola Beverages Africa (Pty) Ltd. After completion, European Refreshments Unlimited Company and Coca-Cola Holdings Africa Limited will hold 25% stake in Coca-Cola Beverages Africa (Pty) Ltd. Enhances shareholder value, with expected low-single digit EPS accretion from the first full year following completion. In addition, Coca-Cola HBC and The Coca Cola Company have agreed to enter into an option agreement enabling Coca-Cola HBC to purchase, or TCCC to sell, the remaining 25% equity interest in CCBA still owned by TCCC following Completion.

For the period ending December 31, 2024, Coca-Cola Beverages Africa (Pty) Ltd reported total revenue of $3.63 billion, EBIT of $267 million and EBITDA of $465 million. As of December 31, 2024, Coca-Cola Beverages Africa (Pty) Ltd reported total assets of $5.03 billion, minority interest of $183 million and net debt of $1.06 billion.

The transaction is subject to approval by exchange control authority, approval of offer by acquirer shareholders and subject to merger control approvals in South Africa, Botswana, COMESA, Mozambique, Namibia and Tanzania. As of January 14, 2026, it is announced that Coca-Cola HBC AG shareholders meeting will be held on January 19, 2026. The expected completion of the transaction is end of 2026.

Goldman Sachs Bank Europe SE, Amsterdam Branch acted as financial advisor for Coca-Cola HBC AG. UBS AG, London Branch acted as fairness opinion provider for Coca-Cola HBC AG. Latham & Watkins LLP acted as legal advisor for Coca-Cola HBC AG. Pestalozzi Lachenal Patry acted as legal advisor for Coca-Cola HBC AG. Deloitte AG acted as due diligence provider for Coca-Cola HBC AG. Herbert Smith Freehills LLP acted as legal advisor for Coca-Cola HBC AG. Edward Nathan Sonnenbergs Inc. acted as legal advisor to Coca-Cola HBC AG. Oliver Triebold, M.C.J, Pascal Hubli, Marcel Jakob, Olivier Favre and Michael Nordin of Schellenberg Wittmer acted as legal advisor to Gutsche Family Investments Proprietary Limited and Coca-Cola HBC. McDermott Will & Schulte LLP acted as legal advisor to Coca-Cola and Webber Wentzel acted as legal advisor to Gutsche Family Investments. Wink, B. Chase of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Coca-Cola Holdings Africa Limited and Gutsche Family Investments Proprietary Limited.