PepsiCo to buy at-home-soda-maker SodaStream in $3.2 billion deal

21 August, 2018, 11:57 | Author: Teresa Adams
  • PepsiCo buys Sodastream for $3.2bn

The PepsiCo chief executive announced Monday that Pepsi is buying SodaStream, one of the world's top sparkling water brands.

PepsiCo is buying carbonated drink company SodaStream in a $3.2bn (£2.5bn) deal that aims to reduce Pepsi's reliance on its signature fizzy drink, as well as push its environmental credentials.

SodaStream makes a kitchen gadget that allows people to carbonate any drink in their home.

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"From breakthrough innovations like Drinkfinity to beverage dispensing technologies like Spire for foodservice and Aquafina water stations for workplaces and colleges, PepsiCo is finding new ways to reach consumers beyond the bottle, and today's announcement is fully in line with that strategy".

Earlier this month, SodaStream reported its strongest results in company history, a 31pc year-over-year jump in revenues to $172m, an 89pc leap in operating profit to $32m and an 82pc climb by net profit to $26m.

Ramon Laguarta, who will take over from Nooyi as PepsiCo boss later this year, 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". The company's fizzy drink maker was a hot item in Britain in the 1970s and 80s, Reuters writes, "but its popularity faded as bottled sodas became cheaper".

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PepsiCo said SodaStream complements its water business, which includes Aquafina and smaller brands Bubly and Lifewtr. Atlanta-based Coca-Cola also makes the sports drink Powerade, while PepsiCo makes the more popular Gatorade.

In 2014, actress Scarlett Johansen stepped down from her role as Oxfam ambassador after appearing in adverts for the company, while in the same year SodaStream was forced to close a store in Brighton after weekly BDS protests.

Three years ago, the firm shut down its West Bank factory amid worldwide boycott calls and opened a sprawling new factory deep in Israel's Negev Desert instead.

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PepsiCo was advised by Goldman Sachs and Centerview, while SodaStream was advised by Perella Weinberg Partners.

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