Coca-Cola are getting into the hot drinks market and taking aim at Starbucks with their acquisition of the popular U.K. coffee chain Costa Coffee.
Coca-Cola purchased Costa Coffee for 3.9 billion British pounds (approximately $5.1 billion). Costa Coffee has more than 3,800 shops worldwide in 32 countries and outranks Starbucks in popularity in the U.K. according to Bloomberg.
— James Watson (@jayemwatson) August 31, 2018
“Costa gives Coca-Cola new capabilities and expertise in coffee, and our system can create opportunities to grow the Costa brand worldwide. Hot beverages is one of the few remaining segments of the total beverage landscape where Coca-Cola does not have a global brand,” Coca-Cola CEO James Quincey said in a statement, reported by Bloomberg. “Costa gives us access to this market through a strong coffee platform.”