PepsiCo puts fizz into healthy drinks with $3.2 billion SodaStream deal
00:31, Aug 21, 2018
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Under the terms of the deal, PepsiCo will buy all outstanding shares of Sodastream for $144 each.
"PepsiCo and SodaStream are an inspired match", Nooyi said in a statement Monday.
Speculation about PepsiCo or Coca-Cola buying Sodastream has bubbled for years.
PepsiCo said it was acquiring all SodaStream's outstanding shares at $144 USA per share, a 32 per cent premium to the 30-day volume weighted average price.
In one of her final acts as chief executive officer of PepsiCo, Indra Nooyi is betting on a razors-and-blades kind of business model to reanimate revenue growth that has been waning due to weak demand for traditional sugary soft drinks. The New York-based group will fund the deal with cash on hand.
SodaStream's product allows people to make their own fizzy drinks at home, adding carbonation to drinks like flavored water and fruit drinks.
"I am excited our team will have access to PepsiCo's vast capabilities and resources to take us to the next level".
The purchase, which is expected to close by January 2019, will see PepsiCo, most famous for the Pepsi soft drink, acquire a company that specializes in the production of home fizzy drink dispensers.
Earlier this month, SodaStream reported its strongest results in company history, a 31 per cent year-over-year jump in revenues to $172 million United States, an 89 per cent leap in operating profit to $32 million and an 82 per cent climb by net profit to $26 million US. Goldman Sachs and Centerview advised PepsiCo, while Perella Weinberg Partners gave advice to SodaStream.
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