Coca-Cola in 2019 closed on one of the largest acquisitions in its history.

The Atlanta beverage giant, best known for its carbonated sodas, paid roughly $5 billion for a leading British brand, Costa Coffee. It was part of Coca-Cola’s quest to become a “total beverage company” and offer every kind of drink.

“What we get with Costa is more than just a brand,” Coca-Cola CEO James Quincy said during a 2018 earnings call, shortly after the company said it would buy Costa Coffee. “It’s a platform that will give us the ability to scale within the $500 billion global hot beverage category.”

But six years later, it appears Coca-Cola’s investment has fallen flat. The company is working with investment bank Lazard to explore options for Costa Coffee, including a potential sale, British news organ

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