Complex is reporting that Coca-Cola has acquired full ownership of the Kobe Bryant-backed sports drink company Bodyarmor.
According to the outlet, the late basketball legend invested $6 million in 2014, receiving more than 10 percent of the company. Coca-Cola previously acquired a 15 percent stake, and with full ownership at the cost of $5.6 billion, which makes it the largest brand acquisition in Coca-Cola’s history., this has now earned Bryant’s estate over $400 million.
The outlet continues:
The acquisition values Bodyarmor at $8 billion, and Kobe Bryant’s estate is expected to receive over $400 million in the sale. Kobe Bryant is estimated to have made $323 million during his career in the NBA, meaning the sale could eclipse his earnings made directly from playing basketball.
Coca-Cola’s acquisition of Bodyarmor is part of an effort to take on Pepsi’s Gatorade, the sports drink market leader with an estimated 70 percent market share. The company’s last large-scale brand acquisition came in 2018 with the purchase of Costa Coffee for $5.1 billion in 2018.