Alkaline Water Co. Inc. WTER, -3.91% announced Tuesday that it has entered into an all-stock deal to acquire Aquahydrate, a water brand that’s backed by Sean “Diddy” Combs and Mark Wahlberg. The two celebrities invested more than $20 million into the development of Aquahydrate. In a statement, Alkaline said the company expects combined fiscal 2020 revenue of $65 million. Alkaline’s sales during the last fiscal year were $32.3 million. FactSet forecasts sales of $48.6 million for fiscal 2020. The deal will help Alkaline move further into the areas of “premium water,” wellness and CBD products, said Richard Wright, the company’s chief executive, in a statement. Alkaline Water stock is up 1.3% in Tuesday trading, but has tumbled 24.6% for the year to date. The S&P 500 index SPX, -0.40% has gained 18.3% for 2019 so far.