Coca-Cola Co is nearing a deal to buy a controlling stake in sports drink maker BodyArmor, valuing it at about $8 billion, Bloomberg News recently reported, citing people with knowledge of the matter.
The report said that the deal could be finalised in the coming weeks.
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.
The late basketball player Kobe Bryant was one of BodyArmor's earliest investors, buying a stake in 2013, just 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, marking both a push into the booming coffee market and its first foray into operating a retail chain.
News by Reuters edited by Donna Ahern, Checkout. For more A Brands stories click here. Click subscribe to sign up for the Checkout print edition.