Coca-Cola nears acquisition of controlling stake in Kobe Bryant-backed sports drink BodyArmor

Coca-Cola is nearing a deal to buy a controlling stake in sports drink maker BodyArmor for $8 billion, which could be announced as early as Monday.

The late basketball icon Kobe Bryant was among BodyArmor’s earliest investors, buying a stake in 2013, just two years after it was launched.

According to Coca-Cola, it would not comment on the deal, regarding it as a mere rumor or speculation.

Coca-Cola bought a minority stake in BodyArmor in 2018 to become the brand’s second-largest shareholder.

The beverage giant has been focusing on its fast-moving beverages as consumers who are coming out of the come out of the pandemic are picking up more of its traditional sodas and flavored sparkling waters.

The company discontinued its Coca-Cola Energy drink in North America in May but kept its majority stake in Monster Beverage, one of the top energy drinks in the US.In 2018, Coca-Cola acquired coffee chain Costa for $5.1 billion to mark both a push into the coffee market and its first foray into retail chain operations.