Coca-Cola HBC to acquire ESM Effervescent Sodas

Beverage company Coca-Cola Hellenic Bottling has agreed to acquire ESM Effervescent Sodas from Greece's IDEAL Holdings' wholly-owned SICC Holdings subsidiary.

Coca-Cola HBC said on Tuesday that the agreed enterprise value amounts to €45.0m, subject to certain closing adjustments, with completion of the transaction expected to take place in the second half of 2022, subject to customary closing conditions and regulatory approvals.

The FTSE 100-listed group noted that IDEAL was the owner of "super-premium mixer" line Three Cents, which offers artisanal beverages.

"The adult super-premium sparkling beverage and mixer category represents an exciting growth opportunity and is an important pillar of Coca-Cola HBC's 24/7 beverage partner strategy. Coca-Cola HBC caters to a growing range of consumer tastes and consumption occasions with one of the broadest and most flexible portfolios in the beverage industry," said Coca-Cola HBC.

"Well-positioned for the super-premium segment, Three Cents will complement Coca-Cola HBC's existing adult sparking beverage portfolio, which includes the established adult brands, Schweppes and Kinley."

Reporting by Iain Gilbert at Sharecast.com