Coca-Cola to Sell Costa Coffee for £2 Billion After £1.9 Billion Loss
Coca-Cola is exploring the sale of Costa Coffee, with various potential buyers expressing interest. The beverage titan acquired Costa in 2018 for £3.9 billion but is now considering selling it for around £2 billion. Costa, operating over 2,700 branches in the UK and Ireland, has drawn bids from prominent investment firms like Apollo Global Management and Bain Capital. TDR Capital, the owner of Asda, has also emerged as a potential buyer. Coca-Cola's CEO, James Quincey, recently admitted that the investment in Costa Coffee hadn't met expectations, leading to the decision to sell. The sale of Costa Coffee is anticipated to be finalized in the coming months, with the winning bidder gaining a substantial presence in the UK's coffee market. Coca-Cola will refocus on its core beverages, while the new owner aims to expand Costa's extensive branch network.
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