Coca-Cola announced on Monday that it has bought complete control of the sports drink BodyArmor for $5.6 billion. The acquisition will pay out millions to the company’s early investors, including Kobe Bryant.
The announcement came at 8:24 a.m. to commemorate both numbers Kobe wore throughout his legendary basketball career. Bryant’s estate will make about $400 million from the deal.
ESPN reports that Bryant invested in the BodyArmor brand back in 2014. He bought a 10 percent stake, spending about $6 million. At the time, the Laker was the third-largest shareholder. Other athletes with large investments in the brand include James Harden, Andrew Luck, and Dustin Johnson.
“If it wasn’t for Kobe Bryant’s vision and belief, BodyArmor would not have been able to achieve the success we had,” said BodyArmor co-founder Mike Repole in a statement.
The BodyArmor purchase marks Coke’s largest brand acquisition. Before this, the company’s acquisition of Costa Coffee for $5.1 billion in 2018 was the largest.
Acquiring BodyArmor helps Coke gain a larger market share of the sports drink industry. PepsiCo’s Gatorade currently holds 70 percent of the market share, but BodyArmor has surpassed Coke’s Powerade to become the second-biggest beverage in the category.
