Coca-Cola HBC AG announced today the completion of the acquisition by its wholly owned subsidiary, Coca-Cola HBC Holdings BV (CCH Holdings) of approximately 52.7% of the Coca-Cola Bottling Company of Egypt SAE (CCBCE) from MAC Beverages Limited (MBL) and some related parties for $ 304 million subject to certain adjustments.
An additional amount of profit can be paid based on the financial performance of CCBCE in 2021, as the company announced.
Mr. Abdul Galil Besher, the current Executive Chairman of the CCBCE, will remain the non-Executive Chairman of the CCBCE. The transaction with MBL also includes the possible acquisition by CCH Holdings, at the same price per share to be paid to MBL, of an additional share of approximately 2.8% by certain other minority shareholders, based on future agreements.
In addition, a convertible loan issued to a subsidiary of The Coca-Cola Company (the “TCCC Seller”) by CCBCE, convertible into new CCBCE shares, was transferred to CCH Holdings for a cash value of approximately $ 22 million.
The completion of the acquisition by CCH Holdings of approximately 42% of CCBCE by the seller TCCC, announced on August 12, 2021, is expected to take place later this month, raising the total ownership of CCH Holdings to CCBCE to 94.7%.
The acquisition gives Coca-Cola HBC access to Africa’s second largest market for non-alcoholic beverages (“NARTD”) by volume, building on existing structure in Africa and increasing Coca-Cola HBC’s exposure to high-growth geographical areas.
Source From: Capital
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