"It is not a reversal at all, it is actually fully in-line, we have said all along that CCE continues to be a very important, key partner for us in one of the most key markets, which is Europe and that's why this makes so much sense for us," said Kent, in an interview on CNBC.

The deal also will allow Coca-Cola to capture long-term efficiencies in the North American market and will let the company convert passive capital into active capital, said Kent.

Coca-Cola will give up its 34 percent stake in Coca-Cola Enterprises worth $3.4 billion, and acquire $8.88 billion of CCE debt.

Coca-Cola Enterprises will give shareholders a $10 per share cash distribution to all shareowners and they they will own one-share per-share in the new CCE, said John Brock, the Coca-Cola's Enterprises' CEO.

Kent said the deal will benefit both customers and investors.