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SABMiller will hold 57 percent of Coca-Cola Beverages Africa, with Coca-Cola holding 11.3 percent and Gutsche Family Investments owning the rest, the London-based maker of Grolsch and Peroni said in a statement today.

SABMiller is increasing its focus on soft drinks and non- alcoholic beverages as global demand for beer stagnates and targets for consolidation become harder to find. The combined entity will have annual revenue of $2.9 billion and tap into the continent’s “significant growth potential,” SABMiller said.

“This transaction increases our exposure to the total beverage market in Africa,” Alan Clark, SABMiller’s chief executive officer, said in the statement. “The opportunity is significant, with favorable demographics and economic development pointing to excellent growth prospects.”

SABMiller rose 0.3 percent to 3,552 pence at 8:13 a.m. in London, extending this year’s gain to 14 percent.

Coca-Cola Beverages Africa, which SABMiller plans to fully consolidate into its accounts, will inititially produce and distribute Coca-Cola beverages in nine countries including South Africa, Kenya and Namibia. SABMiller intends to include Swaziland and the soft-drinks business of listed subsidiaries in Botswana and Zambia at a later date.

As part of the transaction, Coca-Cola will buy SABMiller’s Appletiser brands on a global basis and gain rights to another 19 non-alcoholic drinks in Africa and Latin America for about $260 million in cash.

SABMiller was advised by Rothschild. Coca-Cola Sabco, a company that’s 80 percent owned by Gutsche Family Investments, was advised by Nomura International and NLA.