PepsiCo has announced plans to buy Israel-based SodaStream in a $3.2bn deal.
PepsiCo will acquire SodaStream for $144 per share in cash, representing a 10.9 per cent premium to the Friday closing price of SodaStream’s U.S.-listed stock.
SodaStream, which makes machines that turn tap water into carbonated water, will help diversify PepsiCo’s portfolio of snacks and beverages. The Purchase, New York-based group will use cash on hand to fund the acquisition.
SodaStream’s Israel-listed shares will be halted for trading until its Nasdaq-listed stock opens later on Monday, the Tel Aviv Stock Exchange said in a statement.