Global beverage giant The Coca-Cola Company (TCCC) is going to sell its Bangladeshi bottling business Coca-Cola Bangladesh Beverages Ltd (CCBB) to its Turkish associate Coca-Cola İçecek (CCI).

In a press release on Thursday (15 February), Istanbul Stock Exchange-listed CCI said the entire stake of CCBB would be priced at the enterprise value of $130 million subtracted from the net debt of the company during the closing of the deal.

Once the takeover is complete, Bangladesh will be CCI's 12th Muslim-majority market.

According to the deal, CCI would let its Dutch subsidiary CCI International Holland BV own the majority shares of CCBB while CCI itself would own minority stakes. At present, Coca-Cola's stake at CCI is 28.86% and Turkish beverage giant Anadolu Efes owns 50.26% shares.

The deal should be closed in a few weeks, as CCI eyes on grabbing the opportunities in the fast-growing beverage market in Bangladesh, expected a senior Coca-Cola official while talking to TBS seeking anonymity.

Commenting on the acquisition, CCI CEO Karim Yahi said in a statement, "We are very pleased to sign the share purchase agreement to acquire CCBB, which we see as a great opportunity to enter a market with significant future potential, where growth and value can be generated by deploying CCI's core capabilities. This acquisition also creates a more diverse geographical footprint for CCI and solidifies its alignment with TCCC."

CCI produces, distributes and sells brands of The Coca-Cola Company in Türkiye, Pakistan, Kazakhstan, Iraq, Uzbekistan, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan, and Syria. It employs more than 10,000 people, has a total of 30 bottling plants, and 3 fruit processing plants in 11 countries.