Pepsi will buy SodaStream in a $3.2 billion deal

The Soda Stream acquisition will probably be the last big move by Pepsi Co chief executive officer Indra Nooyi who steps down in October

The purchase will probably be the last big move by PepsiCo chief executive officer Indra Nooyi, who said this month she's stepping down as head of the beverage company after 12 years in the job.

Under the cash deal, PepsiCo is to pay US$144 a share for the fizzy water makers outstanding stock, a premium of 11 per cent over its closing price on Friday.

Pepsi will buy SodaStream for $3.2 billion, the company announced Monday.

It removes what initially was seen by some as a threat to PepsiCo's bottled soda business, which has struggled as consumers migrate to healthier choices. SodaStream shares were suspended in Tel Aviv on Monday morning.

If regulators approve the deal, it is expected to be finalised by January 2019, subject to a vote by Sodastream shareholders.

Melanie Felgate, senior consumer insights analyst at data and analytics company GlobalData says: "SodaStream allows consumers to customize their own beverages to create not only flavors - but potentially sugar levels - to suit their needs, helping PepsiCo better meet consumer's needs for products which are not only healthier but do not compromise on taste".

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Coca-Cola and Keurig Green Mountain forged a partnership in 2015 to market a counter-top cold-drinks machine, but pulled the plug the following year after it failed to take off.

Other soft-drink producers have tried to tap the at-home market, though success has been elusive.

Israeli-based SodaStream listed on the NASDAQ in 2010.

Earlier this month, SodaStream reported its strongest results in company history, a 31 per cent year-over-year jump in revenues to $172 million United States, an 89 per cent leap in operating profit to $32 million and an 82 per cent climb by net profit to $26 million US. The deal will give the brand access to PepsiCo's distribution capabilities, global reach, R&D, design and marketing expertise with the aim of fuelling expansion and innovation.

SodaStream faced calls for a boycott several years ago over a factory it had in the West Bank, despite employing many Palestinians.

PepsiCo was advised by Goldman Sachs and Centerview, while SodaStream was advised by Perella Weinberg Partners.

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