Coca-Cola HBC Sells 50% Stake in Neptunas to The Coca-Cola Company

LONDON--Coca-Cola HBC AG (CCH.LN) Friday announced the sale of a 50% stake in Nept no Vandenys, UAB (Neptunas) to The Coca-Cola Company for 10 million euros ($11.2 million).

In December 2015, the European Coca-Cola products bottler and vendor, signed an agreement for the acquisition of Neptunas, a bottled water company in Lithuania.

Coca-Cola HBC said Friday that, following the completion of the acquisition of Neptunas, by its subsidiary UAB Coca-Cola HBC Lietuva (CCHBC Lithuania), CCHBC Lithuania has entered into a binding agreement for the sale of 50% of Neptunas' share capital to The Coca-Cola Company.

The deal is subject to customary closing conditions and regulatory approvals and is expected to complete in the fourth quarter of 2016.

Coca-Cola HBC said the transaction has been entered into with European Refreshments which is a subsidiary of The Coca-Cola Company a substantial shareholder of the company.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

September 16, 2016 09:21 ET (13:21 GMT)

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