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.

As part of the deal, Molson Coors ( TAP) will acquire an 8.5% stake in Fevertree Drinks plc ( OTCPK:FQVTF) ( OTCPK:FQVTY) for £71 million ($88.29 million), becoming the company's second-largest shareholder. Fever-Tree plans to return this amount to shareholders through a share buyback program.

Miller Lite brewer Molson Coors (TAP) says it will expand its U.S. soft drinks business through a strategic partnership with UK-based