Coca-Cola completes Costa Limited acquisition

The Coca-Cola Company has completed Costa Limited acquisition from Whitbread PLC. The $4.9-billion transaction has been completed following the approval from regulatory authorities in the European Union (EU) and China.

The acquisition was announced on August 31, 2018. Founded in London in 1971, Costa has operations in more than 30 countries.

The acquisition of Costa gives Coca-Cola a significant footprint in the global coffee business, which is growing at 6% annually.

James Quincey, Chief Executive Officer, The Coca-Cola Company, said, "We see great opportunities for value creation through the combination of Costa's capabilities and Coca-Cola's marketing expertise and global reach."

"Our vision is to use the strong Costa platform to expand our portfolio in the growing coffee category," he further stated.

Alison Brittain, Chief Executive of Whitbread, added, "We wish our friends and colleagues at Costa all the very best for their future success. Whitbread acquired Costa 23 years ago, when it had only 39 shops. Costa has grown to become a leading, international coffee brand, and Coca-Cola is the right partner to take Costa to the next stage of expansion."