By Shashwat Awasthi (Reuters) -Shares of Fevertree Drinks surged almost 24% after Molson Coors took an 8.5% stake in a $88 million deal that gives the beer giant exclusive rights to market the British company's cocktail mixers and tonic water in the United States.

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

Molson Coors Beverage has partnered with Fever-Tree Drinks plc to expand its U.S. non-alcoholic drink portfolio. Starting February 1, 2025, Molson Coors will handle the marketing and distribution of Fever-Tree's premium mixers.