By Shashwat Awasthi (Reuters) -Shares of Fevertree Drinks surged almost 24% after Molson Coors' took an 8.5% stake in the firm, in a deal giving the beer giant exclusive rights to market the British company's cocktail mixers and tonic water in the United States.

As part of the agreement, the beer giant will manage the sales, distribution and production of Fevertree’s products in the US.

Fever-Tree Drinks said it reached a long-term partnership with Molson Coors to boost growth in the U.S. and that it would launch a share buyback. The London-listed mixer-maker on Thursday said Molson Coors would acquire an 8.

Miller Lite brewer Molson Coors (TAP) says it will expand its U.S. soft drinks business through a strategic partnership with UK-based

Fevertree sells an 8.5% stake to Molson Coors to boost its US expansion. Discover how this £71m deal, combined with an exclusive licensing agreement, might reshape the premium mixer’s future.

The London-listed mixer-maker said Molson Coors would acquire an 8.5% shareholding in Fevertree.

The sale of an 8.5% shareholding in Fever-Tree is part of a broader partnership between the two firms, with Molson Coors now exclusively responsible for the sales, distribution and production of the Fever-Tree brand in the US.

Molson Coors is snapping up an 8.5% stake in Fevertree for £71m and will take on exclusive sales, distribution and production of the carbonated mixer brand in the US.

Molson Coors Beverage Co. announced Thursday that it has acquired an 8.5% stake in Fevertree Drinks PLC, the British premium mixer brand, for £71 million ($88 million). The deal is part of Molson Coors’ strategy to diversify beyond beer and expand Fevertree’s presence in the U.