Family of basketball legend, the late Kobe Bryant, would be receiving around $400 million due to the early $6 million investments the deceased made in the firm in 2013.
According to available information, Coca Cola now has the full control of the sports drink company. The firm had earlier acquired around 15% of the stakes of the company earlier in 2018, making it one of the highest stakeholders in the company then. The late Lakers star was another major shareholder in the company thanks to his early investments.
Kobe Bryant’s estate, now controlled by his widow Vanessa Bryant and reportedly worth around $600 million, will receive roughly $400 million payout from the deal, according to Wall Street Journal. This is higher than the $323 million Bryant made throughout his basketballing career.
With the new purchase, Coca Cola will take control of the remaining 85% stake of the company. This would officially become the largest brand acquisition it has made after purchasing Costa Coffee for $5.1 billion in 2018.
The announcement was made at exactly 8:24pm in honour of the late basketball star. This was done to commemorate the two jersey numbers he wore during his 20-year NBA tenure.
Ownership of Bodyarmor would help Coke gain an increased market share in the sports drink category, although Pepsi’s Gatorade dominates the market space.
By positioning itself as a healthier sports drink, Bodyarmor has surpassed Coke’s Powerade to become the second-largest player in the category. Information from the drink company reveals that the sports drink brand’s retail sales this year are expected to be more than $1.4 billion, up by about 50% this year.
As part of the deal, Mike Repole (co-founder of Bodyarmor) will collaborate on the company’s still beverages portfolio. Mike Repole also founded Smartwater, Energy Brands and Vitaminwater, all of which have now been purchased by Coke.