PepsiCo buys SodaStream to reach consumers 'beyond the bottle'

Scarlett Johansson with Sodastream’s Daniel Birnbaum

Israeli Prime Minister Benjamin Netanyahu welcomed PepsiCo's commitment to the country, saying "recent large acquisitions of Israeli companies prove not only their technological abilities but also the business abilities which have been developed in Israel". SodaStream shares were suspended in Tel Aviv on Monday morning.

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.

Over her tenure, Nooyi split PepsiCo's products into three categories: Fun For You includes traditional, higher-calorie soft drinks and snacks. Over the years, many users have used SodaStream only for making fizzy water, without the flavoured syrups it sells.

In second-quarter results issued earlier in August, SodaStream's revenue grew 31 per cent, driven by growth in Germany, France, Canada and the United States, while net profit rose almost 82 per cent.

Founded in Britain in 1903, SodaStream was a coveted device in British kitchens in the 1970s and 80s, allowing people to create fizzy drinks by adding flavoured syrups to carbonated tap water, but its popularity faded as bottled sodas became cheaper.

PepsiCo chairman and chief executive Indra Nooyi described the companies as "an inspired match".


The Purchase, New York-based company will pay $144 per share in cash for the firm that promises to help customers reduce their carbon footprints.

Nooyi is stepping down from the top job at PepsiCo later this year, but the move shows that Pepsi's CEO-elect, Ramon Laguarta, will continue focusing on healthier alternatives.

After Coca-Cola bought the stake in Green Mountain in 2014, Nooyi said in an interview PepsiCo would avoid committing to a single technology in at-home soda makers.

Buying SodaStream will further boost Pepsi's health credentials.

The move will bring Israeli-based SodaStream International Ltd. under American ownership, and give PepsiCo more points for moving to decrease the amount of plastic flowing into landfills and seas.

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