Two Coca-Cola Bottlers to Combine in $2.6 Billion Deal (4)

One of the world’s largest Coca-Cola bottlers agreed to buy a controlling stake in another, creating a bottling giant in Africa in a transaction valued at about $2.6 billion.

Coca-Cola HBC AG will buy 75% of Coca-Cola Beverages Africa Pty. Ltd. from Coca-Cola Co. and its other holder, Gutsche Family Investments, the companies said Tuesday. Coca-Cola HBC shares fell as much as 4.7% in London after the company canceled a share buyback to help finance the deal.

The transaction creates the second-largest bottling partner for the caffeinated soft drink by volume and marks another step in which the US ...