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To strengthen system in Egypt
Coca-Cola HBC AG (Hellenic Bottling Company) has announced that its wholly-owned subsidiary Coca-Cola HBC Holdings BV has reached an agreement to acquire approximately 94.7% of Coca-Cola Bottling Company of Egypt S.A.E. from its major shareholders, a wholly-owned affiliate of The Coca-Cola Company and MAC Beverages and certain of its affiliated entities for an agreed combined purchase price of $427 million, subject to certain adjustments.
Brian Smith, President and Chief Operating Officer of The Coca-Cola Company, said, “This transaction promises to strengthen our system in Egypt, where the expertise of Coca-Cola HBC will be a complement to the local knowledge and capabilities of CCBCE. This agreement represents an important development in the Coca-Cola system’s long-term commitment to the growth and development of this important market.”
Coca-Cola Bottling Company of Egypt was founded in 1994 as a joint venture company between The Coca-Cola Company and MAC Beverages and certain of its affiliated entities.