Kobe Bryants Estate Will Gain $400 Million On BodyArmor’s Sale To Coca-Cola
According to the reports, the estate of the late Los Angeles Lakers player, Kobe Bryant, will receive $400 Million as part of the Body Armor’s sale to the Coca-Cola Co., which will be sold for about $5.6 Million. This is because Bryant is partly an owner of Body Armor; Bryant purchased a 10 percent share in Body Armor in 2014. The said stake was valued at $200 Million in August 2018, just after Coca-Cola Co. has secured a minority stake in the said company.
The entire company was then sold to Coca-Cola Co. just this Monday, and the co-founder of BodyArmor, Mike Repole, has thanked and acknowledged Bryant for helping the company grow. Repole believes that Kobe Bryant has believed in their company and even had a vision for Body Armor. They would be able to grow and become successful if not for Bryant. Mike Repole has shared his excitement to be part of the Coca-Cola Co., and they are looking forward to this great venture.
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Coca-Cola Co. announced on their website that they have decided to acquire full ownership of the company, Body Armor, a sports performance and hydration drink that is an excellent addition to the beverages Coca-Cola Co. offers to the consumers. Body Armor has excellent potential for growth in the long run, and Coca-Cola Co. recognizes this; that is why they decided to acquire it. In 2018, Coca-Cola Co bought a 15% stake in the company with the acquisition already in their minds, which is why a discount was given during the purchase. For the acquisition of the remaining 85% of the Body Armor Company, Coca-Cola Co. has paid an additional $5.6 Million.
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The company Body Armor will be run as a separate business but within Coca-Cola’s North America operating unit. It will also stay in its current location in New York. Coca-Cola Co. also plans to retain the company’s employees, including the co-founder and chairman Mike Repole and the president Brent Hastie. Both of them have agreed to continue working for Body Armor and promise to maintain the reputation BodyArmor holds. They are also committed to upholding the successful momentum of the brand in the market. In addition, they are to execute the Body Armor 2022 plan, which is already in place and is currently working on a vision and strategy for the year 2023 and beyond.
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Sources: Coca Cola Co. , Bleacher Report, NBC LA
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