Coca-Cola is buying a 16.7 percent stake in Monster Beverage for $2.15 billion, with the world's biggest soda maker hoping to benefit from the surging popularity of energy drinks.
The Atlanta-based company said Thursday it will also place two directors on Monster's board as part of the deal.
Analysts had suggested for some time that Coca-Cola might acquire Monster at a time when its flagship soda business is flagging in developed markets such as the United States. Monster Beverage Corp., meanwhile, has cultivated a loyal fan base in part by focusing its marketing on skateboarding, snowboarding and other sports events.
When asked during a conference call with reporters...