Oct 8 (Reuters) – Coca-Cola is seeking to unwind its $5 billion acquisition of British coffeehouse Costa Coffee after a sales process failed earlier this year, Semafor reported on Thursday, citing people familiar with the matter.
Here are some more details:
• Coca-Cola had scrapped its plans to sell Costa earlier this year after the offers from private equity firms came in below expectations, the Financial Times reported in January.
• The beverage giant acquired Costa in 2018 for $5.1 billion in an effort to extend its push into healthier drinks.
• At least one strategic acquirer mulled what a deal for Costa would look like before passing due to valuation and strategic issues, the Semafor report added.
• Coca-Cola did not immediately respond to a request for comment
• It could not be determined what price Coca-Cola might seek for Costa if it were to put the coffee chain back on the market, the report added.
(Reporting by Angela Christy in Bengaluru; Editing by Shilpi Majumdar and Anil D’Silva)
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