Ryan Blaney, driver of the #12 BodyArmor Ford, celebrates in the Ruoff Mortgage victory lane after winning the NASCAR Cup Series Coke Zero Sugar 400 at Daytona International Speedway on August 28, 2021 in Daytona Beach, Florida.Jared C. Tilton | Getty ImagesCoca-Cola announced Monday it has bought full control of sports drink maker Bodyarmor for $5.6 billion, making it the company’s largest acquisition to date.The beverage giant bought a 15% stake in Bodyarmor in 2018, becoming its second-largest shareholder. At the time, basketball legend Kobe Bryant was its third-largest shareholder after investing in Bodyarmor in 2013, just two years after its founding. Bryant’s estate will receive more than $400 million from the sale, according to the Wall Street Journal.The deal for the remaining 85% of Bodyarmor isn’t entirely unexpected. Coke first said in February that it intended to buy a controlling interest in Bodyarmor later this year in a pre-acquisition filing with the Federal Trade Commission.Owning Bodyarmor helps Coke gain market share in the sports drink category, although PepsiCo’s Gatorade is far and away the market leader with roughly 70% market share. By positioning itself as a healthier sports drink, Bodyarmor has surpassed Coke’s Powerade to become the second-largest player in the category. According to Coke, the sports drink brand’s retail sales are more than $1.4 billion, up about 50% this year.As part of the deal, Bodyarmor co-founder Mike Repole will collaborate on the company’s still beverages portfolio. Repole also founded Vitaminwater, Smartwater and Energy Brands, all of which are now owned by Coke. Repole and BodyArmor President Brent Hastie will also stick around to help Bodyarmor in its quest to overtake Gatorade.Ahead of the deal’s confirmation, Credit Suisse analyst Kaumil Gajrawala wrote in a note to clients Friday that he expects the acquisition will be positive for Coke, citing Body Armor’s brand equity and the potential for Coke to distribute its sports drinks globally, like it did for Monster.Coke has been overhauling its own portfolio since the start of the pandemic, killing off drinks that haven’t been selling well. That includes its short-lived Coca-Cola Plus Energy drink in North America this spring. At the same time, under CEO James Quincey, the company has been striving to offer a wider array of beverages.The Bodyarmor deal is Coke’s largest acquisition, topping its purchase of Costa Coffee in 2018 for $5.1 billion.Shares of Coke have risen 3% this year, giving it a market value of $244 billion.