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Drinks giant Coca-Cola has agreed a deal to buy UK coffee chain Costa from Whitbread for $5.1bn (£4bn).

Launched in London in 1971, Costa now has an international presence with a footprint in more than 30 countries across Europe, the Middle East and Africa.

James Quincey, president and CEO of Coca-Cola, claimed the deal was a “coffee strategy not a retail strategy”, adding that Costa is the key to unlocking the “fast-growing, half-a-trillion-dollar [coffee] category”.

The deal is expected to complete in the second half of 2019 and follows the recent news of rival Pepsi buying Sodastream in an attempt to widen its customer base.