Coca Cola Beverages Africa (CCBA) has acquired a 60% stake in soft drinks producer Eswatini Beverages.

Financial details of the deal are yet to be divulged by either company.

Tibiyo TakaNgwane, a Swazi sovereign wealth fund, will own the remaining 40% stake of Eswatini Beverages.

Tibiyo TakaNgwane managing director Dr Absalom Themba Dlamini said: “We are always pleased when we see a business taking the lead in integrating the economies of our region and the continent.”

Dr Dlamini added that he expects Coca Cola would continue to play a pivotal role in the economic and social development of the country.

Following the deal, Eswatini Beverages will operate as a subsidiary of CCBA, named Eswatini Coca-Cola Beverages (ECCB).

ECCB country manager Sanele Khumalo said: “Eswatini customers will benefit from being part of a consolidated, successful Coca-Cola ecosystem that spans the continent, creating new opportunities for everyone across the value chain.

“Access to shared best practices will enhance efficiencies and a better distribution capability will provide pervasive availability of cold beverages to end-customers. We will also be able to respond to consumer demand more quickly.”

The latest deal expands CCBA’s footprint African continent, where the company now operates in 13 countries including Botswana, Comoros, Ethiopia, Ghana, Kenya, Mayotte, Mozambique, Namibia, South Africa, Tanzania, Uganda, Zambia and Eswatini.

In May, Coca Cola announced its intention to retain a majority stake in Coca-Cola Beverages Africa (CCBA).

The company previously announced plans to re-franchise CCBA, one of its largest bottlers in Africa, which serves 12 countries.

As part of the initiative, the company carried out discussions with a large number of potential partners.