Coca‑Cola Consolidated has acquired all outstanding shares of its common stock previously held by a subsidiary of The Coca‑Cola Company, according to a joint announcement from both companies on November 7, 2025.
The agreement involved the purchase of 18.8 million shares at $127 per share, totaling approximately $2.4 billion. The shares were owned by Carolina Coca‑Cola Bottling Investments, Inc., an indirect wholly owned subsidiary of The Coca‑Cola Company. Funding for the transaction came from a mix of cash on hand and a $1.2 billion, 364-day term loan facility, which is expected to be refinanced with new term loans in the near future.
J. Frank Harrison, III, Chairman and CEO of Coca‑Cola Consolidated, said: “Today’s announcement represents a significant milestone for all stockholders of Coca‑Cola Consolidated. The purchase of these shares from The Coca‑Cola Company advances our commitment to build long-term value for all stockholders. This transaction is also a strong signal of our mutual confidence in the long-term health of the U.S. Coca‑Cola system.”
Henrique Braun, Executive Vice President and Chief Operating Officer of The Coca‑Cola Company, commented: “Coca‑Cola Consolidated has been a valued strategic partner for well over a century. The sale of our stake is a natural evolution of our strong relationship with Consolidated. Both companies remain fully aligned in our shared goal of delivering beverages with speed, scale and excellence to more than 60 million consumers in Consolidated’s franchise territory.”
As part of the transaction, The Coca‑Cola Company has given up its seat on the Board of Directors at Coca‑Cola Consolidated.
Additionally, the Board at Coca‑Cola Consolidated reduced its share repurchase program authorization from $1 billion to $400 million. Of this revised amount, about $136.3 million remains available for repurchase at management’s discretion depending on factors such as market price and company financial condition.
Rothschild & Co served as advisor to Coca‑Cola Consolidated during this process while Wells Fargo Bank underwrote the term loan facility supporting the deal.
Coca‑Cola Consolidated operates as the largest bottler for The Coca-Cola Company in the United States, serving around 60 million consumers across 14 states and Washington D.C., distributing more than 300 brands and flavors.
