Coke said on Monday that it paid $5.6 billion for the outstanding 85% stake in BodyArmor. Coke originally bought a 15% stake in the line of beverages in 2018. Coke announced its purchase Monday at exactly 8:24 a.m. to commemorate the two jersey numbers Bryant wore during his NBA tenure.
The BodyArmor move marks the largest single amount Coke has ever paid for a beverage brand. Coke bought Glaceau water for $4.1 billion in 2007 and paid $5.1 billion in 2018 for Costa Coffee.
Company officials are now working “on the next stage of growth” for BodyArmor, Coca-Cola North America President Alfredo Rivera said in a statement. Coke said it expects BodyArmor to generate roughly $1.4 billion in sales this year.
BodyArmor is the No. 2 sports drink brand, Coke said, rivaled only by Gatorade, which is owned by PepsiCo. Powerade, which Coke also owns, is the No. 3 sports drink.
In 2014, Bryant purchased around a 10 percent stake in BodyArmor. Darren Rovell of ESPN reported in August 2018 the value of his investment approached $200 million after Coca-Cola obtained a minority stake in the company.
Following Monday’s sale, BodyArmor co-founder Mike Repole credited Bryant with helping in the company’s growth.
“If it wasn’t for Kobe Bryant’s vision and belief, BodyArmor would not have been able to achieve the success we had,” he said. “I couldn’t be more excited to become part of the Coca-Cola family and set our sights on the future.”
Bryant’s estate, which Forbes reported was worth up to $600 million at the time of his death and which widow Vanessa Bryant inherited control of, will see a roughly $400 million payoff from the deal, the Wall Street Journal reports.