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Kobe Bryant estate earns $400M after Coca-Cola buys Body Armor

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by Biba Adams, thegrio.com

Kobe Bryant smiles at halftime as both his #8 and #24 Los Angeles Lakers jerseys are retired at Staples Center on December 18, 2017, in Los Angeles. (Photo: Harry How/Getty Images)

The estate of the late NBA great Kobe Bryant is getting a major cash infusion after beverage giant Coca-Cola purchased BodyArmor, a sports drink company in which Bryant was an early investor.

A report from CBS News notes that the $5.6 billion purchase of the company will net Bryant’s estate at least $400 million.

Coke announced the purchase on Monday at 8:24 a.m. — the timing commemorates Bryant’s Los Angeles Lakers jersey numbers.

“If it wasn’t for Kobe Bryant’s vision and belief, BodyArmor would not have been able to achieve the success we had,” said BodyArmor co-founder Mike Repole in a statement. Repole was also a developer of Fuze Beverage and Smartwater.

Launched in 2011, BodyArmor is the number two sports drink in the nation after Gatorade, which is owned by PepsiCo. Coke also owns Powerade, which is at number three.

The purchase of BodyArmor is the largest amount Coca-Cola has ever paid to acquire a product. The second highest was the purchase of Glaceau water in 2007, a move that reportedly netted one of its early investors, rapper 50 Cent, a $100 million return.

Coke plans to focus on taking BodyArmor to its “next stage of growth,” although the company will remain based in its Queens, New York, headquarters.

Read  the full article here – here

More Breaking News- here