Varun Beverages Announces Proposed Acquisition of South Africa’s Twizza

Varun Beverages Limited (VBL) has announced a proposed acquisition of 100% stake in Twizza Proprietary Limited, a South Africa–based non-alcoholic beverage company, as part of its Africa expansion strategy. The transaction will be executed through VBL’s South African subsidiary, The Beverages Company Proprietary Limited, and is subject to regulatory approvals. Twizza is engaged in manufacturing and distribution of its own branded beverages and operates three manufacturing facilities located in Cape Town, Queenstown, and Middelburg. The company has a combined installed capacity of around 100 million 8-ounce cases per annum. For the year ended June FY25, Twizza reported sales volumes of 71 million cases and net revenue of ZAR 1,689 million. The proposed transaction values the business at an enterprise value of approximately ZAR 2,095 million. South Africa is the largest soft drinks market in Africa, supported by favorable demographics, high urbanization, and strong per-capita consumption. The beverage market in the region is largely dominated by B-brands, offering opportunities for portfolio expansion and scale-driven growth. VBL stated that the acquisition would strengthen its presence in Southern Africa and provide a platform for future growth across carbonated soft drinks, energy drinks, and functional beverages. The deal is subject to approvals from the competition authorities of South Africa, Botswana, and Eswatini, among others. Disclaimer: This article is based on company disclosures and forward-looking statements. Actual results may differ due to regulatory, market, and operational factors.