TL;DR
Coca-Cola will purchase Costa Coffee for $5.1 billion, gaining control of 4,000 stores across 32 countries. The deal is expected to be completed in 2019.
Coca-Cola will be buying UK-based coffee franchise, Costa Coffee for a total of $5.1 billion. According to a recent article in CNN Money, the company will gain control of 4,000 stores across a total of 32 countries with this deal, including the brand’s outlet locations known as Costa Express. The agreement is expected to be completed in 2019.
"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," said Coca-Cola CEO James Quincy.
The agreement will give Coca-Cola a voice in the coffee segment, where it will compete with other giants like Starbucks.
In this story
This story was originally published in 1851 Franchise on August 31, 2018. Burnaze summarizes and links to the original reporting.
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