Indicative offers are expected in early autumn, but a sale is not definitive, Sky reported. Coca Cola acquired Costa Coffee in 2018 for over $5 billion, to strengthen its position in the global coffee market, competing with Starbucks and Nestle .

Soft-drink giant Coca-Cola working with investment bank Lazard to review options, including a potential sale, of British coffee chain Costa, a source familiar with the matter told Reuters on Sunday. Coca-Cola did not immediately respond to a request for a comment outside regular business hours.

U.S. soft drinks company Coca-Cola is working with investment bank Lazard to review options, including a potential sale, of British coffee chain Costa, which it acquired in 2018 for over $5 billion, Sky News reported on Saturday.