SWITZERLAND – Coca-Cola Hellenic Bottling Company has announced that it has agreed to acquire Serbia’s leading confectionery business, Bambi for US$293.7 million (€260 million).

According to the company, the deal, which is subject to certain closing adjustments will help increase its presence in biscuits and other confectionery products market in the country.

Completion of the acquisition is expected in the second quarter of 2019 and is subject to customary closing conditions and regulatory approvals.

Coca-Cola said Bambi offers opportunities for revenue synergies through cross-promotion and complementary innovation and cost efficiencies.

It adds a rich portfolio of products including Plazma biscuit brand Grandma’s cookie, Bambi, Wellness, Zlatni Pek, and Josh, expanding Coca-Cola HBC’s presence in Serbia as well as Western Balkans.

The Bambi business also grants a strong distribution network and product portfolio in strategically important channels such as traditional retail and HoReCa.

“This acquisition represents an excellent opportunity to create additional value for Coca Cola HBC, its customers and shareholders.

It adds iconic, complementary consumer brands to our portfolio of leading beverage brands, as well as consumer-focused innovation capabilities.

It further strengthens our relevance with customers and allows us to increase our presence in key consumption occasions, such as the start of the day, on the go and at home snacking and refreshment,” said Zoran Bogdanovic, CEO of Coca Cola HBC.

Established in 1967, Bambi manufactures a range of products including biscuits, wafers and savoury snacks and recorded revenue of approximately US490.43 million.

Coca-Cola’s diverse snack portfolio includes Tsakiris potato snacks, the first Greek crisps brand with a wide range of all-time favourites and innovative flavours and combinations.

The Swiss-based company, which bottles and sells Coca-Cola Co drinks in 28 countries, reported 4% rise in revenue to US$9.88 billion.

Nine months reported operating profit was US$1.25 billion, up 4.0%; comparable operating profit was US$1.36 billion, up 7.5% on a comparable basis.