Celsius Holdings said on Thursday it would buy health and wellness drinks brand Alani Nutrition in a $1.8 billion deal through a combination of cash and stock, boosting its portfolio to build on the growing demand for sports and energy beverages.

Energy drink maker Celsius is paying $1.8 billion to buy rival Alani Nu, a brand that has been propelled by social-media influencers and pitches itself as a low-cal fitness aid.

Celsius Holdings (CELH) fell 6% on a report that it's buying rival energy drink brand Alani Nu for $1.8 billion.