PepsiCo said Monday it will buy SodaStream International, an Israeli company that sells products for making in-home carbonated beverages, in an all-cash deal worth approximately $3.2 billion. The deal marks one of the final strategic moves of outgoing CEO Indra Noyi, who has led the cola giant away from sugary drinks.
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SodaStream, which has production facilities in 13 nations, sells its home-carbonation products in 80,000 retail stores in 45 countries. The company's countertop products let customers use tap water to make flavored carbonated drinks.
"SodaStream is highly complementary and incremental to our business, adding to our growing water portfolio, while catalyzing our ability to offer personalized in-home beverage solutions around the world," said Ramon Laguarta, PepsiCo's president and CEO-elect.
The deal calls on PepsiCo to pay $144 per share in cash for all outstanding shares of SodaStream International.