Coca-Cola HBC, the Swiss-based international bottling company, has announced the acquisition of Coca-Cola Bottling Company of Egypt (CCBCE) for $427 million.
The deal will give access to the second largest non-alcoholic ready-to-drink market in Africa by volume, Coca-Cola HBC said, adding that the acquisition also aims to increase the penetration of the Coca-Cola Company’s brand portfolio and expand the brand’s presence in high-growth areas.
Coca-Cola HBC CEOZoran Bogdanovic, said: “We are excited to welcome CCBCE to our group. We see great potential for this business to unlock considerable opportunities in the NARTD category in Egypt. With our best-in-class execution capabilities, commercial expertise, and world leading approach to sustainability and communities, we believe there is a significant opportunity to create value for all stakeholders. We appreciate the trust placed in us by The Coca-Cola Company and MBL and look forward to becoming part of the Coca-Cola system in Egypt”.
Abdul Galil Besher, Chairman of MAC Beverages Limited and CCBCE, commented: “We are very pleased to pass on to Coca-Cola HBC the ownership torch of CCBCE. As a leading anchor bottler of the Coca-Cola system, we believe that Coca-Cola HBC will accelerate CCBCE’s growth ambitions, by combining its expertise, breadth of knowledge, know-how and critical mass, with the company’s deep market knowledge developed over our multi-decade presence in Egypt”.
Source: Coca Cola HBC