Shares in one of Britain’s biggest coffee chains surge 20% after Coca-Cola announces $5.1 billion takeover

Daniel Berehulak / Getty

• US beverage giant Coca-Cola will buy British coffee shop chain Costa in a surprise acquisition.
• Costa, which is currently owned by Whitbread, is being sold for £3.9 billion ($ 5.1 billion).
• Coca-Cola currently has no presence in the coffee market, and wants to use the deal to expand into the space.
• Shares in Whitbread jump almost 20% at the open on the news.

Coca-Cola has announced a surprise move to buy Costa Coffee, one of the UK’s largest cafe chains, from current owners Whitbread for £3.9 billion ($ 5.1 billion).

Whitbread, which also owns budget hotel chain Premier Inn, said that its board had unanimously approved the deal, and that it expects the sale to be completed by the first half of 2019.

See the rest of the story at Business Insider

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