Coke to buy 70% of sports drink BodyArmor for $5.6 billion

Coca-Cola Co. is buying 70 percent of BodyArmor for $5.6 billion in a deal that gives it full control of the company and values the sports drink brand at about $8 billion.

The shares that Coca-Cola would acquire are from BodyArmor's founders, major investors, and a group of professional athletes such as NBA’s James Harden and MLB’s Mike Trout who helped market the drink.

Coke already owns 30 percent of BodyArmor.

The deal amps up BodyArmor's rivalry with Gatorade.

BodyArmor is on track for $1.4 billion in retail sales this year.