Coca-Cola to pay $2.15 billion for nearly 17 percent stake in Monster Beverage

IndustriesAssociated Press

Coca-Cola Co. will acquire a 16.7 percent stake in Monster Beverage Corp. for $2.15 billion as part of an effort to boost growth.

Coca-Cola will also place two directors on the Corona, California-based energy drink company's board.

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Under the terms of the deal announced Thursday, Monster will receive Coca-Cola's energy drink business, which includes the Full Throttle and Relentless brands. Coca-Cola will take over Monster's non-energy drink offerings, including its Hansen's Natural Soda line of drinks and Peace Tea.

The transaction is expected to close later this year or early 2015.