The Coors Light manufacturer’s 8.5% stake in the nonalcoholic carbonated mixer, worth $89 million, further builds on its long-term strategy of increasing its exposure beyond beer.

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

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.