22 Jul 2026 Coca‑Cola HBC edges closer to JSE debut as giant CCBA deal cleared
The SA megadeal that reshapes Coca-Cola’s global bottling map has been given the green light…
London-listed Coca‑Cola Hellenic Bottling Company (HBC) has taken a major step toward becoming a JSE‑listed player, with the SA Competition Commission giving its approval of the group’s $2.6bn acquisition of Coca‑Cola Beverages Africa (CCBA).
The endorsement – with conditions – puts HBC firmly on track for a secondary listing in Jo’burg later this year.
This is one of the biggest bottling deals ever seen in Africa, and it will reshape the global Coca‑Cola system.
Regulators say yes, with strings attached
The Commission will recommend approval to the Competition Tribunal, but with strict conditions:
- No retrenchments — a full moratorium on job cuts.
- Investment commitments — HBC must continue developing SA’s downstream distribution and retail infrastructure.
- A JSE listing — the previously announced secondary listing is now formally baked into the deal.
Crucially, regulators believe the transaction won’t lessen competition in the local beverage market.
A megadeal that reshapes the Coke bottling world
HBC, already a major Coke bottler across Europe, Eurasia and Africa, is buying 75% of CCBA from The Coca‑Cola Company and Gutsche Family Investments. Once complete, the combined business becomes:
- The world’s second‑largest Coca‑Cola bottling partner by volume.
- The biggest Coke bottler by geographic footprint, expanding from 29 to 43 countries.
- A group with SA as its largest market, overtaking Russia at ±15% of total revenue.
For context: CCBA already accounts for 40% of all Coca‑Cola volumes sold in Africa.
Strategic upside: less Russia exposure, more African growth
HBC’s pivot into Africa is partly driven by risk. Russia was its top‑selling market in 2024, contributing 13% of revenue — but sanctions continue to cloud growth prospects. CCBA offers scale, stability, and long‑term expansion potential across the continent.
And CCBA isn’t standing still. The company recently invested R365m in a new high‑speed bottling line in Midrand capable of producing 72,000 bottles per hour.
If completed by end‑2026, HBC’s stated timeline, the deal will bring one of Coke’s most powerful global bottlers onto the JSE, deepen investment into local operations, and strengthen SA’s role in the wider Coca‑Cola system.
Source: BusinessDay.co.za