The Coca-Cola Company has completed an acquisition of Costa from its parent company Whitbread.

Valued at $4.9bn, the deal was first announced on 31 August last year. It was completed after obtaining regulatory approvals in the EU and China.

The Coca-Cola Company CEO James Quincey said: “We see great opportunities for value creation through the combination of Costa’s capabilities and Coca-Cola’s marketing expertise and global reach.

“Our vision is to use the strong Costa platform to expand our portfolio in the growing coffee category.”

“Whitbread acquired Costa 23 years ago, when it had only 39 shops.”

Established in 1971 in London, Costa is one of the major coffee brands with operations in more than 30 countries. It operates 4,000 retail outlets, a coffee vending operation, at-home formats and a roastery.

Whitbread CEO Alison Brittain said: “We wish our friends and colleagues at Costa all the very best for their future success.

“Whitbread acquired Costa 23 years ago, when it had only 39 shops. Costa has grown to become a leading, international coffee brand, and Coca-Cola is the right partner to take Costa to the next stage of expansion.”

Completion of the deal is expected to give The Coca-Cola Company a significant footprint in the global coffee business.

The Coca-Cola Company offers more than 500 brands in 200 countries and territories. Its portfolio includes beverage brands such as AdeS, Ayataka, Dasani, Del Valle, Fanta, Georgia, Gold Peak, Honest Tea, innocent smoothies and ZICO.