PepsiCo buys fizzy drink maker SodaStream for $3.2 billion
Beverage giant PepsiCo has bought Israel's fizzy drink maker SodaStream for $3.2 billion.
PepsiCo said on Monday it's acquiring all SodaStream's outstanding shares at $144 per share, a 32 percent premium to the 30-day volume weighted average price.
Earlier this month, SodaStream reported its strongest results in company history, a 31 percent year-over-year jump in revenues to $172 million, an 89 percent leap in operating profit to $32 million and an 82 percent climb by net profit to $26 million.
PepsiCo Chairman and CEO Indra Nooyi calls the companies "an inspired match."
Three years ago, SodaStream shut down its West Bank factory amid international boycott calls and opened a sprawling new factory deep in Israel's Negev Desert instead. Actress Scarlett Johansson was previously a brand ambassador for the company.
The purchase comes as Nooyi prepares to step down as the top executive at the world's second-largest food and beverage company. Ramon Laguarta, who has been with the company for more than two decades, will take over as CEO in October, the company said earlier this month.
India-born Nooyi is a rarity on Wall Street as a woman and a minority leading a Fortune 100 company. She oversaw the company during a turbulent time in the industry that has forced the food and drink industry to shake up product portfolios that had been the norm for decades as families seek healthier choices.
In a statement, Laguarta said 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."
