*By Madison Alworth*
Coca-Cola announced Friday it will buy the UK coffee chain Costa for a piping $5.1 billion. The deal is Coke's largest acquisition to date.
According to Wall Street Journal reporter Jennifer Maloney, this was a diversification move, and Coke CEO James Quincey's way to make good on his word.
"He wanted to provide beverages to people at any time of day and any occasion," Maloney said Friday in an interview with Cheddar.
The deal marks Coke's first foray into the hot beverage industry. The timing couldn't be better. With the [soda market] (https://www.businessinsider.com/pepsi-ceo-inda-nooyi-predicted-soda-declines-2018-8) continuing to fall, Coca-Cola is looking to add more options to its portfolio. This move is also just the latest in a bubbling trend of soda brands trying to please calorie-conscious consumers. A little over a week ago, [Pepsi](https://cheddar.com/videos/pepsi-adds-sodastream-to-healthy-drinks-lineup) announced its purchase of seltzer machine maker SodaStream.
Costa has a large footprint abroad with 3,800 cafes in the U.K. and a growing presence in China.
That country has been a target of the coffee industry as consumption of the caffeinated beverage continues to soar. Although Chinese consumers traditionally prefer tea, Chinese millennials are adopting java in droves. According to the International Coffee Organization and the U.S. Department of Agriculture, over the past four years coffee imports to China have grown by 16 percent a year compared to 2 percent in the U.S.
According to Maloney, China is Costa's biggest market outside of the UK. Costa has approximately 450 locations in the country and Coke's CEO is focused on that as a new market.
"He sees China as a great opportunity to expand retail locations," Maloney said.
For full interview [click here](https://cheddar.com/videos/coca-cola-cozies-up-to-costa).
Music group North Star Boys joins Cheddar News to discuss their debut single, shutting down Times Square, and representing the Asian community through music.
On this episode of ChedHER: Author of 'The Glass Ledge: How to Break Through Self-Sabotage, Embrace Your Power, and Create Your Success' discusses what exactly the 'glass ledge' is and how to overcome negative self-perception; Co-Owner of Wanderlust Creamery explains the story behind launching her very own ice cream business, and how she's overcome hurdles as a business owner; Chief Marketing Officer at Great Learning and Capacity Planning Analyst at Salesforce discuss how upskilling can help you advance in your career.
Adrienne Borlongan, Co-Owner of Wanderlust Creamery, joins ChedHER to discuss the story behind launching her very own ice cream business, and how she's overcome hurdles as a business owner.
Iman Oubou, Author of 'The Glass Ledge: How to Break Through Self-Sabotage, Embrace Your Power, and Create Your Success,' joins ChedHER to discuss what exactly the 'glass ledge' is and how to overcome negative self-perception.
Aparna Mahesh, Chief Marketing Officer at Great Learning, and Brandy Murray, Capacity Planning Analyst at Salesforce and Great Learning learner, join ChedHER to discuss how upskilling can help you advance in your career.
Umbilical cord blood banking platform Anja Health raised $4.5 million dollars in a seed round led by Seven Seven Six, a venture capital firm founded by Reddit co-founder Alexis Ohanian. Anja Health offers a personalized, doctor-backed cord blood bank, which lets new parents freeze stem cells from their child's umbilical cord so they can be used to treat diseases in the future. It's a process Anja has called 'Hollywood's best-kept secret,' as celebrities like Kylie Jenner, Serena Williams, and more have all banked their umbilical cord blood. Kathryn Cross, the founder of Anja Health, joins Cheddar News' Closing Bell to discuss.
Actor Jimmy O. Yang is partnering with Chinese food chain Panda Express for his YouTube series "Jimmy's Kitchen." The comedian joined Cheddar News to talk about the partnership as well as upcoming ventures. "Panda Express could not be more perfect like even before this deal, I was just wearing a Panda Express hat for fun when I go outside," he said.
Indianapolis Colts owner Jim Irsay is displaying his world-renowned collection of historic memorabilia to the public for the first time in the Big Apple. Irsay joined Cheddar News to talk about why he's bringing artifacts from the Beatles to Jerry Garcia to light now. "I borrow all this stuff, you know, and I just feel kind of an obligation to share it with the public and make it come alive if you will," he said.
