Monster Beverage (MNST) - Get Report and Coca-Cola (KO) - Get Report shares were gaining Monday after an arbitrator settled a dispute between the two companies.

In the decision, Coke received the green light to sell its own energy drink. A tribunal of the American Arbitration Association ruled June 28 that Coca-Cola Energy products fall within an exception to a non-compete provision.

Coke, the iconic Atlanta beverage company, said in a statement that the two sides had disagreed about contractual language. They'd submitted the dispute to arbitration last October.

The resolution is amicable and the two sides look forward to continuing their partnership, Coke said.

This ruling frees up Coke to market and sell its energy drink in its existing markets, and it can launch them in new markets globally.

Shares of Monster, Corona, Calif., were up 0.8% at $64.32. Coca-Cola shares were gaining 0.8% at $51.32.