PepsiCo to buy Israel’s SodaStream for $3.2 billion

PepsiCo to buy Israel’s SodaStream for $3.2 billion

But many consumers only buy the SodaStream machines to make fizzy water without adding any flavors.

"We are honored to be chosen as PepsiCo's beachhead for at home preparation to empower consumers around the world with additional choices", SodaStream CEO Daniel Birnbaum said.

Active across several continents, Sodastream makes a machine and refillable cylinders which allows domestic users to make their own carbonated drinks, which is increasingly seen as a healthier alternative to the sugary drinks popular for decades.

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She said SodaStream's products, which are marketed as a healthy alternative to sugary drinks, fit in with the USA firm's goal of "making more nutritious products while limiting our environmental footprint".

PepsiCo and arch-rival Coca-Cola have been diversifying away from their mainstay sodas in part to counter the onset of anti-obesity sugar taxes around the world. The offer represents an 11% premium to the Friday closing price of SodaStream's USA -listed stock and is 32% higher than the company's 30-day volume weighted average price. Last week, Coca-Cola announced it was buying a minority ownership stake in sports drink maker BodyArmor for an undisclosed amount. Coca-Cola's other investments in recent years have included milk that is strained to have more protein and a push behind sparkling water.

SodaStream has been a target of the Boycott Divest and Sanction Movement;that allegedly added to the company's decision to move its factory from Maale Adumim in the West Bank to the southern Israeli city of Rahat, resulting in hundreds of Palestinians losing their jobs.

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Actress Scarlett Johansson was previously a brand ambassador for the company. She parted ways with the global charity Oxfam because of a dispute over her work with SodaStream.

With the $3.2 billion purchase, the USA beverage giant continues its effort to contend with falling demand for sugar-laden soft drinks, especially sodas.

Israeli Prime Minister Benjamin Netanyahu tweeted that the deal would "enrich the state's coffers".

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Shares of SodaStream surged almost 10 percent Monday, while PepsiCo's stock rose slightly.

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