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In a move that further highlights the evolving dynamics of the Coca-Cola bottling network, Coca-Cola Consolidated has repurchased all outstanding shares of its common stock previously owned by a subsidiary of the Coca-Cola Company, completing a $2.4 billion transaction that marks a new chapter in the companies’ relationship.

Under the agreement dated 7 November 2025, Coca-Cola Consolidated purchased 18.8 million shares held by Carolina Coca-Cola Bottling Investments, an indirect wholly owned subsidiary of the Coca-Cola Company.

The shares were acquired at $127 per share, financed through a mix of existing cash reserves and a $1.2 billion, 364-day term loan facility arranged by Wells Fargo.

Coca-Cola Consolidated’s chairman and CEO, J Frank Harrison, 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 US Coca-Cola system.”

Following the transaction, the Coca-Cola Company has relinquished its seat on Consolidated’s board of directors, further cementing the bottler’s independent governance.

Coca-Cola Consolidated also announced it would reduce the size of its existing share repurchase programme from $1 billion to $400 million, with roughly $136 million available for potential future repurchases.

Henrique Braun, EVP and CEO of the Coca-Cola Company, said: “Coca-Cola Consolidated has been a valued strategic partner for well over a century. The sale of our stake is a natural evolution of our strong relationship. Both companies remain fully aligned in our shared goal of delivering beverages with speed, scale and excellence to more than 60 million consumers.”