Coca-Cola Consolidated buys back $2.4 billion stake from Coca-Cola

CHARLOTTE/ATLANTA - Coca-Cola Consolidated (NASDAQ:COKE), the $11.8 billion market cap bottler, has purchased all outstanding shares of its common stock owned by The Coca-Cola Company (NYSE:KO) for approximately $2.4 billion, according to a press release statement issued Friday.

The transaction involved the purchase of 18.8 million shares at $127 per share from Carolina Coca-Cola Bottling Investments, Inc., an indirect wholly owned subsidiary of The Coca-Cola Company. Coca-Cola Consolidated funded the purchase through a combination of cash on hand and a $1.2 billion, 364-day term loan facility. The bottler maintains a healthy financial position with liquid assets exceeding short-term obligations, as evidenced by its current ratio of 2.04.

In connection with the share purchase, The Coca-Cola Company has relinquished its seat on Coca-Cola Consolidated’s Board of Directors.

"The purchase of these shares from The Coca-Cola Company advances our commitment to build long-term value for all stockholders," said J. Frank Harrison, III, Chairman and CEO of Coca-Cola Consolidated.

Henrique Braun, Executive Vice President and Chief Operating Officer of The Coca-Cola Company, described the sale as "a natural evolution of our strong relationship with Consolidated."

Coca-Cola Consolidated’s Board of Directors also reduced the size of its previously announced share repurchase program from $1.0 billion to $400 million. The company reported that approximately $136.3 million remains under this revised repurchase authorization.

Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States, serving approximately 60 million consumers across 14 states and the District of Columbia.

Rothschild & Co acted as an advisor to Coca-Cola Consolidated on the transaction, while Wells Fargo Bank, N.A. underwrote the term loan facility.

In other recent news, Coca-Cola Consolidated has declared a quarterly dividend of $0.25 per share for the fourth quarter of 2025. This dividend applies to both Common Stock and Class B Common Stock and is scheduled for distribution on November 7, 2025, to shareholders of record as of October 24, 2025. Additionally, Coca-Cola Consolidated announced an executive transition with Robert G. Chambless, the Executive Vice President of Franchise Beverage Operations, planning to retire in 2027. Chambless will transition to the role of Executive Vice President, Senior Advisor to the Chairman and CEO, starting January 1, 2026. In this role, he will assist with the transition of his current responsibilities and provide strategic advice to the company’s leadership. These developments highlight ongoing changes within Coca-Cola Consolidated’s executive team and its commitment to shareholder returns.

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