Overview

• Coca-Cola has begun banker-led exploratory talks over Costa and has hired Lazard to review options, Sky News reports.
• Initial conversations have been held with a small group of potential bidders, including private equity firms, according to City sources.
• Indicative offers are expected in early autumn, though Coca-Cola could still choose not to proceed with a sale.
• Coca-Cola bought Costa for £3.9bn in 2018, and analysts now suggest a price near £2bn, implying a multibillion‑pound loss.
• Costa reported £1.22bn in 2023 revenue, operates more than 2,000 UK stores and over 3,000 globally, and has paid over £250m in dividends since the acquisition.