Coca-Cola is nearing a deal to buy a controlling stake in sports drink maker BodyArmor, valuing it at about $8 billion (€6.86 billion), Bloomberg News has reported, citing people with knowledge of the matter.
According to the report, the deal could be finalised in coming weeks.
In response, Coca-Cola said it does not comment on rumours or speculation, while BodyArmor did not immediately respond to a request for comment.
Coca-Cola bought a minority stake in BodyArmor in 2018, becoming the brand's second largest shareholder.
Kobe Bryant Investment
The late basketball player Kobe Bryant was one of BodyArmor's earliest investors, buying a stake in the business in in 2013, two years after it was launched.
Coca-Cola has been streamlining its products in recent months to focus on its fast-moving beverages as consumers pick up more of its traditional sodas and flavoured sparkling waters as they come out of the pandemic.
The beverage giant discontinued its own Coca-Cola Energy drink in North America in May, but retained its majority stake in Monster Beverage Corp, one of the top energy drink makers in the United States.
In 2018, it bought coffee chain Costa for $5.1 billion (€4.37 billion), marking both a push into the booming coffee market and its first foray into operating a retail chain.
Earlier this week, Coca-Cola reported a 16% increase in revenue in the third quarter of its financial year, boosted by the reopening of hospitality venues, cinema, theatres and sporting locations.