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The Coca-Cola Company, the world’s largest beverage company, said today that it has reached a deal to acquire Anheuser-Busch InBev’s 54.5 per cent stake in Coca-Cola Beverages Africa (CCBA), the continent’s largest bottling firm, for $3.15 billion. CCBA has operations in South Africa, Namibia, Kenya, Uganda, Tanzania, Ethiopia, Mozambique, Ghana, Mayotte and Comoros.

The Atlanta-headquartered company also said that it has reached an agreement in principle to acquire AB InBev’s interest in bottling operations in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador and Honduras for an undisclosed amount. Both transactions are subject to the relevant regulatory and minority approvals and are expected to close by the end of 2017.

“We are pleased to have reached an agreement quickly that is in everyone’s best interests,” said Muhtar Kent, Chairman and CEO of the Coca-Cola Company. “We will move forward with our long-term strategic plan in these important growth markets. We are continuing negotiations with a number of parties who are highly qualified and interested in these bottling territories and look forward to refranchising these territories as soon as practical following regulatory approval.”

Earlier in October, Coca-Cola announced that it would exercise its pre-emptive rights to AB InBev’s stake in CCBA in the aftermath of the brewer’s $106 billion merger with SAB Miller. Coco-Cola – which formed CCBA in 2014 along with SAB Miller and other partners – had retained the right to buy SABMiller's stake in the event of a change of control at the brewer, according to Reuters.

With its recent acquisition of CCBA, Coca-Cola said it plans to hold all operations temporarily until they can be refranchised to other partners. These partners include Coca-Cola European Partners and Coca-Cola Hellenic (owners of the Nigerian Bottling Company).

“We are happy that we have been able to reach this agreement with The Coca-Cola Company in a timely manner and with a satisfactory outcome for all parties,” said Carlos Brito, the CEO of AB InBev.