Deals - Nov 03, 2022

Asafo & Co. advised Diana Holding S.A. in the sale of Atlas Bottling Company, the bottler of Coca-Cola in North and East Morocco, to Equatorial Coca-Cola Bottling Company.

Equatorial Coca-Cola Bottling Company (ECCBC) has reached an agreement to acquire, through its Moroccan subsidiaries, Atlas Bottling Company (ABC), the northern and eastern Moroccan Coca-Cola bottler from its majority shareholder, Diana Holding S.A. (Diana Holding), and certain minority shareholders.

This transaction is in line with Diana Holding’s strategy to reinforce its position in other agribusiness activities, reorganise its shareholder portfolio, and capitalise on its experience to further its position in the sectors of plastic packaging and distribution. This transaction is also part of Diana Holding’s plan to launch new investments and develop new strategies to align its assets, strengthen synergies between its subsidiaries and accelerate its growth, including in the rest of Africa.

This landmark transaction is one of the largest M&A deals in Africa in recent years.

The Asafo & Co. team advising Diana Holding was led by partner Patrick Larrivé who was assisted by Mouna Boubia, partner, and Martin Van Box Som, associate.  The investment bank, Ascent Capital Partners, acted as Diana Holding’s financial advisor.