Coca-Cola gulps down stake in Monster for $2.2B
Coca-Cola Co. said Thursday it will take a 16.7% equity stake in Monster Beverage Corp. in a $2.15 billion deal that means Monster will become the beverage giant's exclusive offering in the fast-growing energy drinks segment.
The news sent Monster's stock up nearly 20%, to $85.35 per share in after-hours trading. It closed the day up under 1%, to $71.65, giving it a market capitalization of nearly $12 billion.
In addition to a $2.15 billion cash investment, Coca-Cola will transfer it...