Coca-Cola HBC Holdings to acquire 94.7% in Egypts Coca-Cola Bottling Company

Egypt - Coca-Cola Hellenic Bottling Holdings BV (CCH Holdings), a wholly-owned subsidiary of Coca-Cola HBC, has reached an agreement to acquire up to 94.7% of Coca-Cola Bottling Company of Egypt S.A.E (CCBCE) from its major shareholders, the Coca-Cola Company (TCCC) and MAC Beverages Limited (MBL), for $427 million, according to a press release.

This takeover will help Coca-Cola HBC to expand in Egypt, Africa’s second largest non-alcoholic ready-to-drink market (NARTD) by volume, the release added.

Moreover, the acquisition transaction is likely to boost Coca-Cola HBC’s exposure to high growth geographies.

In the same vein, Matouk Bassiouny & Hennawy announced in a press release that it acted as international counsel to the seller, along with Clifford Chance LLP, on the sale of Atlantic Industries’ 42% stake in CCBCE to CCH Holdings.

On the other hand, Zulficar and Partners, Mena Associates – Amereller, and Sullivan & Cromwell LLP acted as international counsel to the buyer.

Founded in 1994, CCBCE is a joint venture company between the Coca-Cola Company and MAC Beverages Limited and certain of its affiliated entities, and is a leading producer of non-alcoholic ready to drink beverages in Egypt.

Its products’ portfolio includes Coca-Cola, Sprite, Fanta, Schweppes, Crush and Dasani water.