US: The Coca-Cola Co to acquire rest of Honest Tea
The Coca-Cola Co has bought the remaining stake in Honest Tea
The Coca-Cola Co has said it has exercised its option to purchase all outstanding shares in Honest Tea.
Coca-Cola said today (1 March) that it will acquire full control of Honest Tea, which will continue to be based in Maryland, US. It will operate as an independent business under current CEO and president, Seth Goldman.
In January, Coca-Cola received regulatory approval to purchase a larger stake in Honest Tea. The firm acquired a 40% stake in the tea and organic beverage company in February 2008.
Goldman said that he will reinvest most of the proceeds from the sale back into the business.
"We started Honest Tea 13 years ago with an ambitious mission to create a delicious, healthy beverage alternative," said Goldman. "Over the past three years, it has been exciting to see the reach and impact of our mission expand as a result of our partnership with The Coca-Cola Co."
Financial terms of the transaction were not disclosed.
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