Coca-Cola Consolidated has purchased all outstanding shares of its common stock owned by a subsidiary of The Coca-Cola Company, the companies announced today.

Under a purchase agreement dated Nov. 7, 2025, Coca-Cola Consolidated purchased 18.8 million shares of common stock owned by The Coca-Cola Company via its indirect wholly owned subsidiary Carolina Coca-Cola Bottling Investments, Inc. The price was $127 per share, for an aggregate purchase price of approximately $2.4 billion.

The purchase was funded by Coca-Cola Consolidated with a combination of cash on hand and a $1.2 billion, 364-day term loan facility that is expected to be refinanced with new term loan 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."

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

In addition, Coca-Cola Consolidated’s Board of Directors reduced the size of the company’s previously announced share repurchase program for the company’s common stock from $1.0 billion to $400 million. The amount remaining under this revised repurchase authorization is approximately $136.3 million. The authorization to repurchase shares is at management’s discretion with respect to the timing and amount of the repurchases. Whether the company makes additional repurchases in the future will depend on many factors, including the market price of the shares, the company’s business and financial condition and general economic and market conditions.

Rothschild & Co acted as an advisor to Coca-Cola Consolidated on this transaction. Wells Fargo Bank, N.A. has solely underwritten the $1.2 billion, 364-day term loan facility.