Jones Day, Cleary Gottlieb Steen & Hamilton and Skadden Arps Slate Meagher & Flom have taken lead roles on the brand exchange deal between soft drink giant Coca-Cola and the Monster Beverage Corporation.

The deal will see Coca-Cola take a 16.7% stake in Monster, worth $2.15bn (£1.29bn). Coca-Cola will also take control of Monster's non-energy drink business, including its natural juices, Peace tea and Hubert's lemonade. Monster, meanwhile, will take on Coca-Cola's global energy drink business, including brands such as Burn and Full Throttle.

Jones Day is acting for Monster, with a team led by New York-based corporate partners, Bob Profusek and Andy Levine. Competition aspects of the deal are being handled by the firm's US-based head of antitrust and competition, David Wales and of counselKen Field. Tax partner Ed Kennedy is also advising the drinks company.