Queens, NY rapper 50 Cent may have good reason to brag on his new single "Straight to the Bank."
Glacéau, the company that produces vitaminwater, was acquired by The Coca-Cola Company today (May 25) for $4.1 billion dollars in cash.
50 Cent invested in Glacéau in 2004 and owns 10% of the company.
Sources told AllHipHop.com that Coca-Cola's purchase of Glacéau earned the rapper an estimated $400 million dollars.
Glacéau markets and sells popular energy drinks named vitaminwater.
The company markets and distributes a grape flavored energy drink inspired by 50 Cent named "Formula 50."
"This is an outstanding opportunity for both of our companies to build an expanded active lifestyle business, first in the United States and then around the world," said Muhtar Kent, president and chief operating officer of The Coca-Cola Company. "Glacéau and its brands also provide us with highly attractive longer-term international opportunities. We look forward to discussing with glacéau's distributors and our bottling partners the best operating model for glacéau's routes-to-market."
The company will operate as separate business unit within Coca-Cola North America (CCNA), allowing the company to continue to grow and marketplace, while taking advantage of Coca-Cola's marketing, management and distribution resources globally.
"It's a perfect match connecting the hottest active lifestyle brand with the full resources of the world's best beverage company," said J. Darius Bikoff, Glacéau founder and chief executive officer. "To best understand today's announcement, you really need to go out, buy a bottle of vitaminwater and try it for yourself to see how well it works".
Glacéau's top three executives are the aforementioned Bickoff, Mike Repole and Mike Venuti.
Each one will remain with the company for a minimum of three years and other key management will remain with the company.
The transaction is expected to close in 2007 and is subject to customary regulatory review.
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