The transaction values BodyArmor at about $8 billion, according to The Wall Street Journal.
Coke will buy the remaining stake from its founders, investors and professional athletes who invested and helped promote the drink, The Wall Street Journal and Bloomberg reported.
The Journal reported that the athletes include the National Basketball Association's James Harden and Major League Baseball's Mike Trout.
Bloomberg, which on Oct. 28 had reported that Coke was close to a deal for the rest of BodyArmor, said the investors include Co-Founder and Chairman Mike Repole.
The late former NBA star Kobe Bryant also had been an investor in BodyArmor, according to its website. People familiar with the matter told the Journal that Bryant's estate stands to receive $400 million in the deal. Bryant had invested $6 million.
Coke bought its initial stake in the sports drink company in August 2018. The original agreement gave the Whitestone, N.Y., company access to the Atlanta beverage icon's expansive bottling system to help accelerate its growth.
BodyArmor SuperDrink, created by Co-Founders Repole and Lance Collins, contains potassium and other electrolytes, vitamins and coconut water. It has no artificial colors or flavors.
The company also markets BodyArmor Lyte, which has all the nutrients of BodyArmor but is naturally sweetened and has only 20 calories and 3 grams of sugar per serving.
BodyArmor SportWater is a premium sport water designed by athletes for athletes with a performance pH 8+ and electrolytes for sport.
Shares of Coke at last check were off 0.3% at $56.19.