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Coca-Cola to buy remaining stake in sports drink maker BodyArmor for $5.6 billion -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Coca-Cola cans are seen in Montreuil at the Carrefour Hypermarket, France on February 5, 2018. REUTERS/Regis Duvignau

(Reuters) – Coca-Cola, (NYSE:) Co, said Monday it would purchase the BodyArmor stake it didn’t already own, for $5.6billion. The move comes as Coca-Cola (NASDAQ:) Inc, increases its portfolio of sports drinks to compete with market leader PepsiCo, (NASDAQ:) Inc.

BodyArmor’s value is approximately $6.59Billion. The move represents a strategic shift for Coca-Cola. During the pandemic, Coca-Cola spent the past year discontinuing and offloading certain brands in order to concentrate on its core beverages.

Coca-Cola bought a 15 percent stake in BodyArmor for its first acquisition in 2018. The company announced on Monday that it will manage the brand as an independent business in its North America operation unit.

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