Coca-Cola HBC AG (Coca-Cola HBC), via its subsidiary Coca Cola HBC Holdings BV (CCH Holdings), has agreed 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 (U.S.) and MAC Beverages Limited (Channel Islands) and certain of its affiliates, for a combined consideration of $427 million, subject to certain adjustments. The transaction will open Coca-Cola HBC’s access to the second-largest non-alcoholic ready-to-drink market in Africa by volume.
CCBCE is a leading producer of non-alcoholic ready-to-drink beverages in Egypt operating five bottling plants. Its products include Coca-Cola, Sprite, Fanta, Schweppes, Schweppes gold, Crush and Dasani water.
S&C acted as international counsel for Coca-Cola HBC and CCH Holdings. The team includes Nikolaos Andronikos, Vanessa Blackmore, Umberto Hassan, Nadine Nijim, Kirsten E.L. Rodger and Matt Triggs. Craig Jones and Lester Su advised on finance-related matters. Andrew Thomson and Joshua Stevens advised on tax-related matters.