ATLANTA — Coca-Cola Consolidated, a bottling company in Charlotte, repurchased all outstanding shares that were held by The Coca-Cola Company.
The sale totaled around $2.4 billion, the companies announced Friday.
Under the purchase agreement, Coca-Cola Consolidated acquired the 18.8 million shares from The Coca-Cola Company at $127 per share.
“Today’s announcement represents a significant milestone for all stockholders of Coca-Cola Consolidated,” J. Frank Harrison, III, Chairman and CEO of Coca-Cola Consolidated, said in a statement.
The purchase agreement was dated Nov. 7, and involved Coca-Cola Consolidated buying shares from Carolina Coca-Cola Bottling Investments, Inc., a subsidiary of The Coca-Cola Company.
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The transaction was funded through cash on hand and a $1.2 billion term loan facility, underwritten by Wells Fargo Bank.
Coke also gave up its seat on Coca-Cola Consolidated’s Board of Directors following the transaction.
Coca-Cola Consolidated reduced its share repurchase program from $1 billion to $400 million, with approximately $136.3 million remaining under the revised authorization.
“The sale of our stake is a natural evolution of our strong relationship with Consolidated,” Henrique Braun, Executive Vice President and Chief Operating Officer of The Coca-Cola Company, said.
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