In redemption of 52.7% of CCBC Egypt did the Coca-Cola HBC, by MAC Beverages Limited, with a price tag of $ 304 million.
As the announcement states:
«The company in its announcement states the following: “Following its announcement on August 12, 2021, Coca-Cola HBC AG (” Coca-Cola HBC “) today announced the completion of the acquisition by its 100% subsidiary, Coca-Cola HBC Holdings BV (“CCH Holdings”), approximately 52.7% of the Coca-Cola Bottling Company of Egypt SAE (“CCBCE”) by MAC Beverages Limited (“MBL”) and some of its affiliates for cash 304 million US dollars, subject to certain balance sheet adjustments. An additional amount of profit can be paid based on the financial performance of the CCBCE in 2021.
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 another share of approximately 2.8% by certain other minority shareholders, in accordance with agreements to be concluded in due course.
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 US $ 22 million (equivalent to outstanding capital and unpaid interest).
Completion of the acquisition by CCH Holdings of approximately 42% of CCBCE by the seller TCCC, which was also 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 non-alcoholic ready-to-eat (“NARTD”) market by volume, based on existing scale in Africa and increasing Coca-Cola HBC’s exposure to high-growth areas . There is a significant opportunity to leverage Coca-Cola Hellenic’s proven track record and market experience and 70 years of experience in emerging markets to increase penetration of The Coca-Cola Company’s portfolio and promote leadership. in the category”.
As Coca-Cola HBC CEO Zoran Bogdanovic said, “We are excited to welcome CCBCE to our group. We see great potential for this business, as it will unlock significant NARTD opportunities in Egypt. We value the confidence shown by Coca-Cola Company and MBL and are ready to become part of the development history of the Coca-Cola system in Egypt».