*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).
On this episode of ChedHER: Podcast Host of 'That's Total Mom Sense' breaks down the biggest challenges mothers are facing today; CEO of Joro explains how her app can help users track, reduce, and automatically offset the carbon footprint of their purchases; Three ways to improve your financial wellbeing and set goals for yourself and your future.
Kanika Chadda-Gupta, TV Journalist and Podcast Host of 'That's Total Mom Sense,' joins ChedHER to discuss the challenges mothers are facing today and gives advice for changing up your career path.
Sanchali Pal, Founder and CEO of Joro, joins ChedHER to discuss how her app can help users track, reduce, and automatically offset the carbon footprint of their purchases, and gives advice for other women seeking careers in climate.
According to a recent analysis in the NYTimes, young Americans have begun to take on the habit of smoking cigarettes despite the decades of evidence showing just how dangerous they are. Contributor at New York Times John Ortved, joined Cheddar to discuss more.
Terrell Jermaine Starr, senior fellow with the Atlantic Council and host of the Black Diplomats podcast joins Cheddar News to discuss Russia's attempt to invade Ukraine.
Aditi Mayer, a climate justice activist joins Cheddar News to discuss her partnership with DoSomething.org and how a new PSA is working to shine a light on environmental racism.
Connected cars software development platform Smartcar announced this week it has raised $24 million in a Series B round led by Energize Ventures. Smartcar's software can be integrated into mobile and web apps from mobility businesses. It allows users to do things like locate and unlock a vehicle, as well as check its mileage, fuel level, and battery if the vehicle is electric. Smartcar's technology is compatible with 22 different vehicle brands in 31 different countries. Smartcar co-founder and CEO Sahas Katta joined Cheddar News' Closing Bell to discuss.
The drama surrounding tennis star Novak Djokovic continues after he was deported from Australia over the weekend due to the nation's COVID-19 vaccine requirements. Djokovic was forced to leave the country on the eve of what was to be his first match in defense of his Australian Open title after three judges ruled in favor of his removal and revealed their reasoning for doing so. Adding to his woes, a law recently passed in France is putting his chances of defending his French Open title in jeopardy. The director of Marist's Center for Sports Communication, Jane McManus, joined Cheddar to discuss the ongoing fallout.
