Apollo said to be in early talks for Coca-Cola's Costa

[Modern High Street Costa Coffee Shop Entrance]
martinrlee/iStock Editorial via Getty Images

Apollo Global Management (NYSE:APO [https://seekingalpha.com/symbol/APO]) has held initial talks with advisers to Coca-Cola (NYSE:KO [https://seekingalpha.com/symbol/KO]) regarding the beverage giant's potential sale of its Costa Coffee chain [https://seekingalpha.com/news/4489273-coca-cola-may-unwind-its-costa-coffee-deal-at-a-big-markdown], according to a media report.

The alternative asset manager, which owns The Restaurant Group, is one of a small number of potential bidders to have held talks for the British chain, Sky News reported, citing sources close to the process. The discussions are at a very early stage, and Apollo (NYSE:APO [https://seekingalpha.com/symbol/APO]) might decide not to pursue a formal offer for Costa, they said.

Indicative bids aren't due for several weeks, they added. KKR (KKR [https://seekingalpha.com/symbol/KKR]), another U.S. private equity firm, had spoken with Coca-Cola's (NYSE:KO [https://seekingalpha.com/symbol/KO]) adviser, Lazard (LAZ [https://seekingalpha.com/symbol/LAZ]), but was unlikely to make a firm bid, Sky News said. [https://news.sky.com/story/wagamama-owner-apollo-among-suitors-for-coffee-chain-costa-13419215]

Apollo (APO [https://seekingalpha.com/symbol/APO]) stock rose 0.9%, and Coca-Cola (KO [https://seekingalpha.com/symbol/KO]) stock ticked down 0.1% in Wednesday morning trading.

MORE ON APOLLO GLOBAL MANAGEMENT

* Apollo Global Q2: Record High Earnings, Strong Momentum [https://seekingalpha.com/article/4810268-apollo-global-q2-record-high-earnings-strong-momentum]
* Apollo Global Management, Inc. (APO) Q2 2025 Earnings Call Transcript [https://seekingalpha.com/article/4808899-apollo-global-management-inc-apo-q2-2025-earnings-call-transcript]
* Qualified Income From An Investment Grade ATH.PR.A Close To 7% [https://seekingalpha.com/article/4800393-qualified-income-from-an-investment-grade-athpra-close-to-7-percent]
* Apollo-managed funds to acquire Kelvion [https://seekingalpha.com/news/4484428-apollo-managed-funds-to-acquire-kelvion]
* Labor Department rescinds 2021 statement on alternative assets in 401(k)s [https://seekingalpha.com/news/4484228-labor-department-rescinds-2021-statement-on-alternative-assets-in-401-k-s]