PepsiCo said on Monday it plans to buy SodaStream, an Israeli maker of carbonation products, for $3.2bn as the beverage and snacks giant makes further inroads with in-home goods.
The cash deal will see PepsiCo pay $144 per share for SodaStream's outstanding stock, a 32% premium over its average price of the past 30 days.
SodaStream offers consumers "the ability to make great-tasting beverages while reducing the amount of waste generated," PepsiCo chair and CEO Indra Nooyi said in a statement. "That focus is well-aligned with Performance with Purpose, our philosophy of making more nutritious products while limiting our environmental footprint. Together, we can advance our shared vision of a healthier, more-sustainable planet."
PepsiCo says it aims to provide environmentally friendly and cost-effective products that promote health and wellness.
"From breakthrough innovations like Drinkfinity to beverage dispensing technologies like Spire for food service and Aquafina water stations for workplaces and colleges, PepsiCo is finding new ways to reach consumers beyond the bottle," said Ramon Laguarta, PepsiCo CEO-elect and president.
While the boards of directors of both companies have approved the deal, it is still subject to a SodaStream shareholder vote, regulatory approvals and other conditions, PepsiCo said, adding that closing was expected by January 2019.
PepsiCo had $63bn in revenue last year.
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