Celsius Holdings (CELH) announced a $1.8 billion acquisition of wellness brand Alani Nutrition, making a power move in the growing functional

Shares of Celsius Holdings Inc. (CELH) soared nearly 36% in after-hours trading Thursday after the energy drinks maker reported a quarterly earnings beat and agreed to acquire Alani Nutrition LLC for $1.

The purchase allows Celsius to add a fast-growing beverage popular with young women while better positioning it to compete against rivals Red Bull and Monster.

The deal adds a fast-growing brand popular with young women to Celsius’s product line as its own growth slows.

Celsius is set to acquire rival energy drink brand Alani Nu for $1.8 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Celsius is expected to fund the deal through a combination of cash and stock,

Investors appear reassured by the company's potential growth prospects, given its record full-year revenue and its acquisition of a rival energy drink brand.

Celsius’ sudden notice that the energy drink maker will report earnings and participate in a conference was viewed as positive by investors.