Source data
Costa transaction and Whitbread capital allocation milestones
Sources checked
- 1995Whitbread buys Costa
£19 million, 39 shops Source 1
- April 2018Whitbread announces planned separation
Proposed demerger of Costa Source 1
- 31 August 2018Coca-Cola sale agreed
£3.9 billion enterprise value, 16.4 times Costa FY18 EBITDA Source 1
- 3 January 2019Sale completes
£3.8 billion net cash proceeds after costs Source 2
- 30 April 2019Preliminary results set out intended return
Up to £2.5 billion in net cash proceeds to shareholders Source 2
- 30 April 2019Tender proposal described
Up to £2 billion, subject to shareholder approval Source 2
The 2018 demerger plan was followed by a cash sale, which gave Whitbread a separate capital allocation decision.
Costa transaction and Whitbread capital allocation milestones
Transaction values are nominal and shown on the basis used in the source. The £2.5 billion figure is the shareholder return intention stated in the April 2019 results.
| Source | |||
|---|---|---|---|
| 1995 | Whitbread buys Costa | £19 million, 39 shops | Source 1 |
| April 2018 | Whitbread announces planned separation | Proposed demerger of Costa | Source 1 |
| 31 August 2018 | Coca-Cola sale agreed | £3.9 billion enterprise value, 16.4 times Costa FY18 EBITDA | Source 1 |
| 3 January 2019 | Sale completes | £3.8 billion net cash proceeds after costs | Source 2 |
| 30 April 2019 | Preliminary results set out intended return | Up to £2.5 billion in net cash proceeds to shareholders | Source 2 |
| 30 April 2019 | Tender proposal described | Up to £2 billion, subject to shareholder approval | Source 2 |