By Colin Kellaher

 

Coca-Cola Co. on Monday confirmed that it agreed to pay $5.6 billion in cash to buy the remaining 85% of sports-drink maker BodyArmor.

The Atlanta beverage giant said it would fund the deal with cash on hand, adding that it would manage BodyArmor as a separate business within its North America operating unit.

Coca-Cola initially acquired a 15% stake in BodyArmor in 2018 with a path to full ownership, based on a pre-determined discount. The Wall Street Journal on Sunday reported that the company was buying full control of the brand.

Coca-Cola said its U.S. bottling system would continue to distribute BodyArmor, currently the No. 2 sports drink by retail sales behind PepsiCo Inc.'s Gatorade.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

November 01, 2021 09:02 ET (13:02 GMT)

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