Coca‑Cola Consolidated has bought back all outstanding shares of its common stock that were held by a subsidiary of The Coca‑Cola Company, according to a joint announcement made on November 7, 2025.
The agreement, dated November 7, 2025, covers the purchase of 18.8 million shares from Carolina Coca‑Cola Bottling Investments, Inc., an indirect wholly owned subsidiary of The Coca‑Cola Company. Each share was purchased at $127, totaling approximately $2.4 billion.
To finance the transaction, Coca‑Cola Consolidated used both available cash and a $1.2 billion, 364-day term loan facility. The company plans to refinance this loan with new facilities in the near future.
“Today’s announcement represents a significant milestone for all stockholders of Coca‑Cola Consolidated,” said J. Frank Harrison, III, Chairman and CEO 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.”
“Coca‑Cola Consolidated has been a valued strategic partner for well over a century,” said Henrique Braun, Executive Vice President and Chief Operating Officer of The Coca‑Cola Company. “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 deal, The Coca‑Cola Company has given up its seat on the Board of Directors at Coca‑Cola Consolidated.
Following this share repurchase, the Board at Coca‑Cola Consolidated reduced its previously announced share buyback program from $1 billion to $400 million. About $136.3 million remains authorized under this revised plan. Management will decide if and when further repurchases occur based on factors such as market price, business performance, financial condition and overall economic climate.
Rothschild & Co advised Coca‑Cola Consolidated on the transaction while Wells Fargo Bank provided sole underwriting for the term loan facility. Legal counsel was provided by Moore & Van Allen PLLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Coca‑Cola Consolidated is headquartered in Charlotte, North Carolina and operates as the largest bottler for The Coca-Cola Company in the United States across 14 states and Washington D.C., serving about 60 million consumers through more than 300 brands and flavors.
