Coca-Cola to acquire UK coffee chain, Costa, for £3.9bn
The US-based beverage manufacturer, the Coca Cola Company, has announced it will be acquiring the UK-based coffee company, Costa Coffee.
Coca Cola will acquire Costa from its parent company, Whitbread PLC, for £3.9bn (US$5.1bn).
The US company aims for the deal to expand its coffee portfolio and strengthen its platform across Europe, Asia Pacific, the Middle East, and Africa.
The Costa brand has almost 4,000 retail outlets with trained baristas, as well as vending operations for at-home beverages and the company’s roastery.
“Costa gives Coca-Cola new capabilities and expertise in coffee, and our system can create opportunities to grow the Costa brand worldwide,” remarked James Quincey, President and CEO of the Coca-Cola Company.
“Hot beverages is one of the few segments of the total beverage landscape where Coca-Cola does not have a global brand. Costa gives us access to this market with a strong coffee platform.”
“The Costa team and I are extremely excited to be joining The Coca-Cola Company,” commented Dominic Paul, Managing Director at Costa Coffee.
“Costa is a fantastic business with committed and passionate associates, a great track record and enormous global potential.”
“Being part of the Coca-Cola system will enable us to grow the business farther and faster.”
“I would like to say a huge thank you to our customers and to everyone in the Costa team who have helped us build the business to this position, and I look forward to the next exciting chapter in Costa’s vision of Inspiring the World to Love Great Coffee.”
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