End of an era for Coca-Cola in South Africa

The Competition Tribunal has approved a merger involving the Coca-Cola bottling business in Africa and Coca-Cola Beverages Africa.

In October 2025, the Switzerland-based Coca-Cola HBC announced a deal to buy a 75% shareholding in Coca-Cola Beverages Africa.

Coca-Cola HBC AG is listed on both the London Stock Exchange and the Athens Exchange, while Coca-Cola HBC Holdings is its wholly owned subsidiary.

Together with their subsidiaries, they form part of a group authorised to bottle The Coca-Cola Company’s products across Europe, Eurasia, and Africa.

Coca-Cola Beverages Africa, in turn, was owned by The Coca-Cola Company and Gutsche Family Investments.

Coca-Cola Beverages Africa is the anchor bottler for the continent, accounting for over 40% of all Coca-Cola product volume sold across Africa across 14 territories.

The deal was valued at US$2.6 billion, implying an equity value of US$3.4 billion for 100% of Coca-Cola Beverages Africa.

“The acquisition is being funded through a new bridge financing facility to cover the cash consideration and Coca-Cola HBC shares issued,” it said.

There is also an option agreement that enables Coca-Cola HBC to purchase the remaining 25% equity interest in Coca-Cola Beverages Africa.

Following Completion, Coca-Cola HBC will represent two-thirds of Africa’s total Coca-Cola system volume and cover over 50% of the continent’s population.

As part of this acquisition, the Competition Authority in South Africa had to approve the deal, which created a new bottling powerhouse.

The approval process followed hearings at which the Tribunal heard oral submissions from the Commission and the merger parties.

The hearings also included the National Union of Food, Beverage, Wine, Spirit and Allied Workers, which represents employees of Coca-Cola Beverages Africa.

On Friday, 11 September 2026, the Competition Tribunal approved the Coca-Cola bottling merger with conditions.

“The Tribunal approved the transaction subject to conditions aimed at addressing various public interest considerations,” the Competition Commission said.

This means that Coca-Cola products will, in future, be bottled by the newly merged entity, following under Coca-Cola HBC .