The Coca-Cola Company has announced that it has completed the acquisition of Costa Limited from Whitbread PLC.
The acquisition was first announced on 31 August 2018.
The $4.9 billion (€4.3 billion) transaction has been approved by regulatory authorities in the European Union and China.
“We see great opportunities for value creation through the combination of Costa’s capabilities and Coca-Cola’s marketing expertise and global reach,” said James Quincey, CEO of The Coca-Cola Company.
“Our vision is to use the strong Costa platform to expand our portfolio in the growing coffee category.”
The soft drinks giant said that Costa has a scalable platform across multiple formats and channels, from the existing Costa Express vending system to opportunities to introduce ready-to-drink products.
Alison Brittain, Whitbread Chief Executive, said that as Costa has grown to become a leading international brand, Coca-Cola is the right partner to take it to the next stage.
The coffee chain operates in over 30 countries and will help Coca-Cola take a significant step into the coffee business, with Costa being the biggest coffee chain behind Starbucks.