Coca-Cola looks to sell Costa Coffee, Semafor reports (updated)
UPDATE 1-Coca-Cola looks to sell Costa Coffee, Semafor reports Adds details from paragraph 2 onwards
Oct 8 (Reuters) - Coca-Cola KO.N is seeking to unwind its $5 billion acquisition of British coffeehouse Costa Coffee after a sales process failed earlier this year, Semafor reported on Thursday, citing people familiar with the matter.
Here are some more details:
Coca-Cola had scrapped its plans to sell Costa earlier this year after the offers from private equity firms came in below expectations, the Financial Times reported in January.
The beverage giant acquired Costa in 2018 for $5.1 billion in an effort to extend its push into healthier drinks.
At least one strategic acquirer mulled what a deal for Costa would look like before passing due to valuation and strategic issues, the Semafor report added.
Coca-Cola did not immediately respond to a request for comment
It could not be determined what price Coca-Cola might seek for Costa if it were to put the coffee chain back on the market, the report added.
(Reporting by Angela Christy in Bengaluru; Editing by Shilpi Majumdar and Anil D'Silva)
((AngelaChristy.M@thomsonreuters.com;))
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