/cloudfront-us-east-2.images.arcpublishing.com/reuters/2WOMUNN6WFNHDEBIZ3FD5EA3OU.jpg "Coca-Cola to buy remaining stake in sports drink maker BodyArmor for $5.6 bln")
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Bottles of Coca-Cola are seen at a Carrefour Hypermarket store in Montreuil, near Paris, France, February 5, 2018. REUTERS/Regis Duvignau
Nov 1 (Reuters) – Coca-Cola Co (KO.N) said on Monday it would buy the remaining stake in BodyArmor it did not already own for $5.6 billion, as the soda maker amps up its sports drink portfolio to take on market leader, PepsiCo Inc’s (PEP.O) Gatorade.
The deal, which values BodyArmor at about $6.59 billion, comes as a shift in strategy for Coca-Cola, which spent the last year offloading or discontinuing brands to focus on its core sodas during the pandemic. read more
Coca-Cola, which had first acquired a 15% stake in BodyArmor in 2018, said on Monday the sports drink maker will be managed as a separate business within its North America operating unit.
Reporting by Uday Sampath and Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli
Our Standards: The Thomson Reuters Trust Principles.
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