PepsiCo is expanding its carbonated beverage empire.
Today, the company announced that it has entered into an agreement to purchase make-your-own-seltzer machine maker SodaStream for a whooping $3.2 billion—or $144 per share.
SodaStream, which manufactures at-home machines that allow consumers to turn tap water into sparkling water, has enjoyed a big boost over the past two years: According to CNBC, its stock has grown 320 percent in that time frame.
The purchase adds to PepsiCo’s growing portfolio of health-centric brands.
According to a release, PepsiCo views this acquisition as a next step in the “Performance with Purpose journey,” the company’s plan to focus further on health and wellness “through environmentally friendly, cost-effective and fun-to-use beverage solutions.”
“PepsiCo and SodaStream are an inspired match,” said PepsiCo chairman and CEO Indra Nooyi in a statement. “[SodaStream CEO] Daniel [Birnbaum] and his leadership team have built an extraordinary company that is offering consumers the ability to make great-tasting beverages while reducing the amount of waste generated. That focus is well-aligned with Performance with Purpose, our philosophy of making more nutritious products while limiting our environmental footprint. Together, we can advance our shared vision of a healthier, more-sustainable planet.”
Birnbaum added: “Today marks an important milestone in the SodaStream journey. It is validation of our mission to bring healthy, convenient and environmentally friendly beverage solutions to consumers around the world. We are honored to be chosen as PepsiCo’s beachhead for at home preparation to empower consumers around the world with additional choices.”
This news comes less than two weeks after Nooyi announced her pending departure from the top job at the company. She’ll step down from her CEO post in October of this year, and will be replaced by Ramon Laguarta, the company’s current head of global operations.
The acquisition has already been unanimously approved by both SodaStream and PepsiCo’s boards of directors. It is expected to officially close in January of next year, following a SodaStream shareholder vote as well as undergoing routine regulatory approvals.
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