PepsiCo to buy Israel’s SodaStream for $3.2 billion

SodaStream

Employees pack boxes of the SodaStream product at the factory in the West Bank Jewish settlement of Maale Adumim January 28, 2014.

PepsiCo Inc. on Monday agreed to buy SodaStream International Ltd. for $3.2 billion, gaining the Israeli company's technology for making soft drinks at home amid rising concern about plastic waste. The offer represents an 11% premium to the Friday closing price of SodaStream's USA -listed stock and is 32% higher than the company's 30-day volume weighted average price. SodaStream shares were suspended in Tel Aviv on Monday morning.

PepsiCo will pay $144.00 per share in cash, a 32% premium.

As well as Pepsi PepsiCo's brands include Walkers Doritos and Tropicana
Image As well as Pepsi PepsiCo's brands include Walkers Doritos and Tropicana

It is also the company's first big acquisition since chief executive Indra Nooyi disclosed she would step down in October after 12 years at the helm. The company has targeted big soda makers in ads in the past, criticizing them for making excessive waste.

"That focus is well-aligned with performance with goal, our philosophy of making more nutritious products while limiting our environmental footprint", says Nooyi.

"Together, we can advance our shared vision of a healthier, more sustainable planet".

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With soft-drink sales hurting in recent years as consumers shy away from sugary beverages, SodaStream Chief Executive Officer Daniel Birnbaum has shifted the company's marketing to focus on how the machines can produce carbonated water, without the flavoured syrups. Goldman Sachs and Centerview advised PepsiCo, while Perella Weinberg Partners gave advice to SodaStream.

SodaStream is available at more than 80,000 individual retail stores across 45 countries.

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