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(Alliance News) - Coca-Cola HBC AG announced on Thursday it has completed the acquisition of a 53% interest in Coca-Cola Bottling Co of Egypt SAE for USD304 million in cash.
The Steinhausen-based Switzerland-based company, which bottles and sells the beverages of Coca-Cola Co said its had acquired the stake in Coca-Cola Bottling Co of Egypt from MAC Beverages Ltd.
MAC Beverages invests in the beverages and packaging sectors in the Middle East and North Africa region. It has been an owner of Coca-Cola Bottling Co of Egypt since 1994.
Coca-Cola HBC added that the transaction with MAC Beverages also involves the potential acquisition of a further 2.8% stake in Coca-Cola Bottling Co of Egypt.
The group will complete an acquisition of a 42% interest in Coca-Cola Bottling Co of Egypt from the Coca-Cola Co later this month. This potential additional transaction would then bring Coca-Cola HBC's total ownership in Coca-Cola Bottling Co of Egypt to 98%.
In addition, a convertible loan issued to a wholly-owned affiliate of the Coca-Cola Co by Coca-Cola Bottling Company of Egypt has been transferred to Coca-Cola HBC for USD22 million.
Coca-Cola HBC said the acquisition gives it access to the second-largest non-alcoholic ready-to-drink market in Africa by volume.
"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. We appreciate the trust placed in us by Coca-Cola Co and MBL, and are ready to become part of the Coca-Cola system growth story in Egypt," said Chief Executive Officer Zoran Bogdanovic.
Shares in Coca-Cola HBC were marginally lower at 2,675.00 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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