Coca-Cola already holds a 30% stake in the sports drink group.

The buyout, which would value BodyArmor at about US$8 billion, would see the soda giant buy the remaining 70% from BodyArmor’s founders and investors, as well as a group of professional athletes who have invested in the company.

BodyArmor was backed at its founding in 2011 by basketball star Kobe Bryant, who died in a helicopter crash in early 2020 and had invested US$6 million in the company.

The Journal reported that Bryant’s estate should collect about US$400 million from the deal, citing people close to the case.

Coca-Cola declined to comment when contacted by AFP.

BodyArmor is a competitor to industry giant Gatorade, which is owned by PepsiCo, Coca-Cola’s main business rival.

BodyArmor expects sales to reach US$1.4 billion this year, compared to US$250 billion in 2018 when Coca-Cola first invested in the company.