International law firm Ashurst is advising Goldman Sachs and Morgan Stanley as joint sponsors to Whitbread in relation to its proposed sale of Costa to The Coca-Cola Company for an enterprise value of £3.9 billion, announced today.

The proposed sale is a Class 1 transaction for Whitbread under the Listing Rules and is therefore conditional, among other matters, upon the approval of shareholders. Completion of the transaction is expected during the first half of 2019.

Costa is a leading international coffee brand and the UK's favourite coffee shop, with over 2,400 coffee shops in the UK and over 1,400 stores in more than 30 international markets. Costa also operates the fast-growing self-serve business, Costa Express, with over 8,000 Costa Express self-serve machines in eight countries.

The Ashurst team is being led by corporate partner Karen Davies, assisted by associates Harry Thimont and Viktoria Grohmann. Counsel Caroline Chambers is also advising on the transaction.