Coca-Cola Consolidated, the largest Coca-Cola bottler in the United States, announced a landmark transaction that significantly reshapes its ownership structure and deepens its long-standing relationship with The Coca-Cola Company. In a move that underscores confidence in its long-term strategy and future growth trajectory, the company has repurchased all outstanding shares of its common stock previously held by a subsidiary of The Coca-Cola Company.
The transaction, executed under a purchase agreement dated November 7, 2025, involves the acquisition of 18.8 million shares of Coca-Cola Consolidated common stock. These shares were owned by Carolina Coca-Cola Bottling Investments, Inc., an indirect wholly owned subsidiary of The Coca-Cola Company. At a purchase price of $127 per share, the total value of the transaction amounts to approximately $2.4 billion, marking one of the most significant financial moves in the company’s history.
To complete the repurchase, Coca-Cola Consolidated utilized a blend of available cash reserves and debt financing. The financing component includes a $1.2 billion, 364-day term loan facility solely underwritten by Wells Fargo Bank, N.A. The company noted that it expects to refinance this short-term loan with new long-term term loan facilities in the near future, aligning with its broader capital structure and liquidity management plans. The use of both cash on hand and short-term debt underscores the company’s strong financial foundation and its confidence in maintaining solid cash flows to support future debt refinancing.
J. Frank Harrison III, Chairman and Chief Executive Officer of Coca-Cola Consolidated, emphasized the strategic significance of the transaction. “Today’s announcement represents a significant milestone for all stockholders of Coca-Cola Consolidated,” he said. “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.”
Harrison’s statement reflects the broader context in which bottlers and beverage manufacturers are operating—one that demands agility, strong supply chain alignment, and collaborative partnerships to meet rapidly evolving consumer preferences. The repurchase not only gives Coca-Cola Consolidated greater control over its equity structure but also reinforces its strategic autonomy while continuing to work closely with The Coca-Cola Company.
Henrique Braun, Executive Vice President and Chief Operating Officer of The Coca-Cola Company, also highlighted the enduring partnership between the two companies. “Coca-Cola Consolidated has been a valued strategic partner for well over a century,” Braun said. “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.”
Braun’s remarks underscore that while The Coca-Cola Company has divested its ownership stake, the operational and commercial partnership between the two organizations remains robust. Coca-Cola Consolidated, which services a vast territory across the southeastern United States and parts of the Midwest, plays a central role in distributing and manufacturing some of the world’s most recognizable beverage brands. The alignment of strategic goals—particularly around supply chain efficiency, route-to-market excellence, and market responsiveness—continues to bind the companies together.
Coca-Cola Consolidated Buys Back All Remaining Shares from The Coca-Cola Company
As part of the agreement, The Coca-Cola Company relinquished its seat on Coca-Cola Consolidated’s Board of Directors. This change further reflects the shift in ownership dynamics and allows Coca-Cola Consolidated to move forward with a board fully aligned around its independent business priorities. While the long-term partnership between the companies remains intact, governance structures now more clearly reflect the ownership reality.
In tandem with the share purchase announcement, Coca-Cola Consolidated disclosed revisions to its share repurchase program. Previously authorized for up to $1.0 billion, the program has been reduced to $400 million. Following this adjustment, approximately $136.3 million remains available for future share repurchases. The repurchase program, according to the company, will continue to be deployed at management’s discretion.
Management noted that any future share repurchases will depend on several variables, including prevailing market prices of the stock, the company’s financial condition, broader economic conditions, and overall capital allocation priorities. Given the sizable investment required for the transaction completed with The Coca-Cola Company, the reduction in the repurchase program signals a focus on prudent balance-sheet management in the near term.
Coca-Cola Consolidated also confirmed the key advisory and legal partners involved in the transaction. Rothschild & Co served as financial advisor, providing strategic and valuation guidance throughout the process. On the legal side, Moore & Van Allen PLLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Coca-Cola Consolidated, bringing expertise in corporate governance, regulatory matters, and transaction structuring.
The completion of this strategic share repurchase marks a turning point for Coca-Cola Consolidated. The move consolidates ownership, simplifies the capital structure, and signals the company’s confidence in its future. At the same time, both Coca-Cola Consolidated and The Coca-Cola Company reaffirmed that their century-old partnership—built on shared values, mutual growth, and a commitment to serving millions of consumers—remains stronger than ever. While ownership stakes have changed, the operational alignment and strategic collaboration that define their relationship continue to form the backbone of the Coca-Cola system in the United States.
As Coca-Cola Consolidated moves forward with renewed autonomy and strengthened governance, the company is poised to continue executing on its long-term strategy of operational excellence, disciplined financial management, and sustained value creation. This milestone transaction not only reflects the company’s strong financial position but also underscores its long-term vision for growth—one that continues to evolve in partnership with one of the world’s most iconic beverage companies.
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