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Coca-Cola’s planned sale of Costa Coffee is facing fresh uncertainty as negotiations with private equity firm TDR Capital risk collapsing, according to a recent report by the Financial Times. The U.S. soft drinks giant is reportedly holding last-ditch talks this weekend in an effort to rescue the deal, which has run into difficulties over valuation concerns.
Sources familiar with the matter told the Financial Times that TDR Capital had been selected earlier this week as Coca-Cola’s preferred bidder for Costa Coffee. However, discussions have since stalled due to disagreements on price, raising the possibility that the transaction may not proceed as expected. The proposed deal is also said to involve Coca-Cola retaining a minority stake in the British coffee chain, a structure that may have added complexity to the negotiations.
Reuters noted that it was unable to independently verify the report. TDR Capital declined to comment on the situation, while Coca-Cola did not immediately respond to requests for comment. Investment bank Lazard, which has been advising Coca-Cola on its strategic review of Costa Coffee, also did not respond to inquiries.
The potential sale follows reports from August indicating that Coca-Cola had enlisted Lazard to explore various strategic options for Costa Coffee, including a full or partial divestment. The move reflects Coca-Cola’s ongoing efforts to reassess its portfolio and focus on areas that align more closely with its long-term growth strategy.
Costa Coffee has been part of Coca-Cola’s business since 2018, when the beverage giant acquired the brand from Britain’s Whitbread Plc for an enterprise value of approximately $5.1 billion. At the time, the acquisition marked Coca-Cola’s ambition to expand beyond soft drinks and strengthen its presence in the global hot beverages market.
If talks with TDR Capital ultimately fail, Coca-Cola may be forced to revisit its options for Costa Coffee, potentially reopening discussions with other bidders or reconsidering its plans altogether. The outcome of the weekend negotiations is likely to be closely watched by investors and industry observers, given Costa’s scale and the broader implications for Coca-Cola’s portfolio strategy.
