Coca-Cola completes acquisition of Costa Coffee
The news comes after the beverage company gained the approval of the sale in the European Union and China.
Beverage company The Coca-Cola Company has now completed their acquisition of Costa Coffee from their former parent company Whitbread for £3.9 billion (US$5.1 billion).
The beverage company said that they intend to use the Costa platform to expand their portfolio in the coffee category.
“We see great opportunities for value creation through the combination of Costa’s capabilities and Coca-Cola’s marketing expertise and global reach,” James Quincey, CEO of The Coca-Cola Company, said.
“I am delighted that we have agreed the sale of Costa to Coca-Cola for £3.9 billion. This transaction is great news for shareholders as it recognises the strategic value we have developed in the Costa brand and its international growth potential and accelerates the realisation of value for shareholders in cash,” Whitbread’s CEO Alison Brittain said.
Brittain also mentioned that the funds from the acquisition will be used to reduce debt, make a contribution to its pension fund and fuel expansion of their Premier Inn business.
*Article courtesy of our partner QSR Media.