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Current Site: Cyprus
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Current Site: Cyprus
Coca-Cola HBC AG (“Coca-Cola HBC”) announces today that, following publication of its financial results for the six months ended 2 July 2021, its wholly-owned subsidiary Coca-Cola HBC Holdings BV (“CCH Holdings”) has reached agreement to acquire approximately 94.7% of Coca-Cola Bottling Company of Egypt S.A.E. (“CCBCE”) from its major shareholders, a wholly-owned affiliate of The Coca-Cola Company (“TCCC”) and MAC Beverages Limited (“MBL”) and certain of its affiliated entities for an agreed combined purchase price of US$427 million, subject to certain adjustments (the “Proposed Transactions”).
Benefits and reasons for the Proposed Transactions:
Zoran Bogdanovic, CEO of Coca-Cola HBC, 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.”