Varun Beverages, PepsiCo’s largest franchise bottler outside the United States, has announced a definitive agreement to acquire South Africa based non alcoholic beverage company Twizza in an all cash transaction valued at ZAR 2,095 million, translating to an enterprise value of about ₹1,118.7 crore. The acquisition will be executed through Varun Beverages’ South African subsidiary, The Beverage Company Proprietary Limited, strengthening the group’s footprint in the region.
Twizza is a well established local beverage player engaged in manufacturing and distribution of its own portfolio of non alcoholic drinks. The company operates three manufacturing plants located in Cape Town, Queenstown and Middelburg, with a combined annual capacity of nearly 100 million cases. For the financial year ended March 31, 2025, Twizza reported turnover of ZAR 1,689 million, underlining its scale in the South African market.
According to Varun Beverages’ regulatory filing, the board has approved the acquisition of 100 percent of Twizza’s share capital. The transaction remains subject to customary regulatory approvals and is expected to be completed on or before June 30, 2026. Once closed, Twizza will become a step down subsidiary of Varun Beverages.
The company said the deal will allow its South African arm to deepen market penetration by leveraging Twizza’s manufacturing base and backward integrated facilities, which include multiple preform and closure lines across plants. The acquisition also complements Varun Beverages’ earlier purchase of The Beverage Company in March 2024, which expanded its presence across South Africa, Lesotho and Eswatini, along with distribution rights in several southern African markets.
Varun Beverages has been steadily building its international portfolio. In recent months, it signed agreements to acquire PepsiCo bottling operations in Tanzania and Ghana and expanded its snacks manufacturing and distribution presence in Morocco. In calendar year 2024, Varun Beverages recorded revenue of ₹20,007.7 crore and sold 1,124 million cases globally, reinforcing its position as a key growth partner for PepsiCo worldwide.
