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
11-01-21 0902ET