Globes: PepsiCo buys Sodastream for $3.2b
The US beverage company will pay $144.00 per share in cash for the Israeli carbonated drinks company – a 10% premium on yesterday’s closing price,
PepsiCo today announced that it is acquiring Israeli home carbonated drinks company Sodastream International Ltd. (Nasdaq: SODA; TASE: SODA) for $3.2 billion. The US beverage company will buy all outstanding shares for $144.00 per share in cash, which is a 32% premium on the 30-day volume weighted average price and a 10% premium on last night’s closing price on Nasdaq.
SodaStream CEO Daniel Birnbaum said, “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. I am excited our team will have access to PepsiCo’s vast capabilities and resources to take us to the next level. This is great news for our consumers, employees and retail partners worldwide.”
PepsiCo chairman and CEO Indra Nooyi said, “PepsiCo and SodaStream are an inspired match. Daniel 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.”
The acquisition has been unanimously approved by the boards of directors of both companies. The transaction is subject to a SodaStream shareholder vote, certain regulatory approvals and other customary conditions, and closing is expected by January 2019.