Coca-Cola (KO) has cancelled its plan to sell Costa Coffee after private equity bids fell short of expectations, according to a Financial Times report that cites people familiar with the matter.
The soft drink maker ended negotiations in December. TDR Capital and Bain Capital’s (BCSF) special situations fund were among the bidders in the final round of negotiations, the report added.
Coca-Cola (KO) sought around £2B, roughly half the £3.9B it paid to acquire Costa from Whitbread in 2018.
The scrapped sale precedes a leadership shift, with COO Henrique Braun replacing James Quincey as CEO in March 2026; Quincey called Costa underperforming last year. The company may revisit divestiture plan in the medium term, a source added.