Coca-Cola HBC AG says it has entered into a definitive sale and purchase agreement to acquire a 75% shareholding in Coca-Cola Beverages Africa Pty Ltd (CCBA) from The Coca-Cola Company and Gutsche Family Investments Pty Ltd (GFI).
The deal is for a combined purchase price of US$2.6 billion, implying an equity value for 100% of CCBA of US$3.4 billion. The Acquisition is being funded through a new bridge financing facility to cover the cash consideration and Coca-Cola HBC shares issued to GFI representing 5.47% of Coca-Cola HBC’s enlarged issued and outstanding share capital.
In addition, Coca-Cola HBC and TCCC 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. Coca-Cola HBC chairperson, Anastassis David said the milestone marks a historic moment for Coca-Cola HBC and continues our legacy of growth and partnership across Africa.
“For decades, we have invested to unlock Africa’s extraordinary potential. We look forward to accelerating this positive momentum with CCBA to deliver lasting value for our stakeholders, and make a positive impact in the communities we serve. On behalf of the board, I’d like to thank The Coca-Cola Company and the Gutsche family for their ongoing partnership and trust.”