BodyArmor Announces Sale To Coca-Cola At $8 Billion Valuation

Kobe Bryant is still showing up for his family after his tragic passing, making sure they’re more than covered for decades to come.

Source: Jeff Bottari / Getty

On Monday, November 1, Coca-Cola announced that it has purchased full control of sports drink maker BodyArmor for $5.6 billion, making it the company’s largest brand acquisition to date.

According to reports from The Wall Street Journal, the beverage giant bought a 15% stake in BodyArmor in 2018, becoming its second-largest shareholder. At the time, Kobe Bryant was its third-largest shareholder after investing in Bodyarmor in 2013, just two years after its founding.

Now, the estate of the late NBA star will receive more than $400 million from the sale, which he purchased for just $6 million.

Coke first said back in February that it intended to buy a controlling interest in BodyArmor later this year in a pre-acquisition filing with the Federal Trade Commission.

By owning BodyArmor, Coke gains market share in the sports drink category–even though PepsiCo’s Gatorade is still far and away the market leader with roughly 70% market share. Still, by advertising itself as a healthier sports drink, BodyArmor has surpassed Coke’s Powerade to become the second-largest player in the category. According to Coca-Cola, the sports drink brand’s retail sales are more than $1.4 billion, up about 50% this year.

The BodyArmor deal is Coke’s largest ever brand acquisition, topping its purchase of Costa Coffee in 2018 for $5.1 billion.