The Coca-Cola Company has completed its acquisition of Costa Limited from Whitbread PLC, it was announced yesterday.

The $4.9bn (£3.9bn) transaction follows approval from regulatory authorities in the European Union and China.

The acquisition was first announced on 31 August 2018.

Coca-Cola said Costa, which has operations in more than 30 countries, gives it a significant footprint in the global coffee business, with a scalable platform across multiple formats and channels, from the existing Costa Express vending systems to opportunities to introduce ready-to-drink products.

James Quincey, chief executive of The Coca-Cola Company 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.”

Alison Brittain, Whitbread chief executive, added: “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.”