Coca-Cola is close to completing a deal to buy a majority stake in BodyArmor, which would value the sports drink firm at $8 billion, according to Bloomberg. The transaction could be revealed in the coming weeks, according to the news service.
Coca-Cola became the second-largest shareholder in BodyArmor in 2018, behind co-founder Mike Repole. Repole was also a co-founder of Glaceau, a vitamin water company that Coca-Cola bought for $4.1 billion in 2007.
In 2013, the late Kobe Bryant became BodyArmor's third-largest shareholder and went on to create and direct advertisements for the company. As of 2018, Bryant's initial $6 million investment was worth $200 million.
Mookie Betts, Naomi Osaka, Dustin Johnson, Megan Rapinoe, James Harden, Mike Trout, and Sabrina Ionescu are among BodyArmor's athlete endorsers. It also has sponsorship ties with Major League Soccer, the Ultimate Fighting Championship, and the US Open tennis tournament.
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