PepsiCo buys fizzy drink maker SodaStream for $3.2bn

PepsiCo to buy Soda Stream for $3.2 billion

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.

Beverage giant PepsiCo on Monday purchased Israel's fizzy drink maker SodaStream for $3.2 billion USA, a boon for a company that has enjoyed a resurgence after being targeted by anti-Israel boycotters in the past.

PepsiCo Chairman and CEO Indra Nooyi calls the companies "an inspired match". That's 11% higher than Friday's closing price and would be PepsiCo's largest acquisition in eight years.

According to The Wall Street Journal, "Sparkling water has grown far more strongly than the overall bottled water category in the USA, clocking volume growth of 38% past year up from 35% in 2016 according to data from industry tracker Beverage Marketing Corp".

SodaStream makes a kitchen gadget that allows people to carbonate any drink in their home.

He added: "PepsiCo is finding new ways to reach consumers beyond the bottle".

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

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SodaStream has targeted big soda makers in ads in the past, criticizing them for making excessive waste.

Coca-Cola, for its part, said last week that it was buying a stake in BodyArmor, a maker of sports drinks that is endorsed by retired basketball star Kobe Bryant and offers a diet version of the drink is naturally sweetened.

In 2015, SodaStream shut down a plant in the West Bank following a boycott campaign that included targeting Hollywood actress Scarlett Johansson after she advertised its product.

Buying SodaStream will further boost Pepsi's health credentials.

The transaction values SodaStream at 36 times trailing 12-month operating profit, compared with a median of 21 times for comparable deals, according to data compiled by Bloomberg.

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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