Coca-Cola is acquiring a London-based coffee chain in a deal that gives the company a major retail presence in foreign markets and the opportunity to sell coffee products in various formats worldwide.
The global beverage giant announced Friday that it had agreed to acquire Starbucks United Kingdom rival Costa Limited for about $5.1 billion.
Costa has nearly 4,000 locations in many markets, including a large presence in the U.K., as well as other countries in Europe, Asia Pacific, the Middle East and Africa. It also sells coffee in retail outlets such as gas stations and movie theaters. The company does not have a retail presence in the U.S.