Shares of Coca-Cola Co. KO, +0.59% rose 0.3% in premarket trading Monday, after the beverage giant confirmed that it was buying the remaining 85% of BodyArmor that it didn’t already own for $5.6 billion in cash. The deal was originally reported over the weekend by The Wall Street Journal. Coca-Cola said the acquisition will be paid for through “cash on-hand.” The company had purchased the 15% of BodyArmor that it currently owns in 2018, with a path to full ownership. BodyArmor will operate as a separate business within Coca-Cola’s North America business unit, and the current leadership team, including BodyArmor co-Founder Mike Repole, will remain in place. The companies said as part of the deal, Coca-Cola and BodyArmor’s Repole will collaborate on a still beverages portfolio. Coca-Cola’s stock has gained 2.8% year to date through Friday, while the Dow Jones Industrial Average DJIA, +0.25% has climbed 17.0%.
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