PepsiCo’s newly appointed CEO Ramon Laguarta, flew in to Israel to sign the agreement, which will see SodaStream become a solely owned subsidiary of PepsiCo.
In a statement on Monday, the US company said it had acquired all of the outstanding shares of SodaStream for $144 per share in cash, a 32% premium on its 30-day volume weighted average price.
The Israeli company focuses on turning water into sparkling water at home. Pepsi said the transaction, which has been unanimously approved by both firm’s boards and is expected to close by January 2019, is another step in its bid to “promoting health and wellness through environmentally friendly, cost-effective and fun-to-use beverage solutions”.
In May this year, a high-level CFI trade delegation visited the SodaStream factory in Rahat, where the workforce is made up of Israeli Jewish, Arab and Bedouin employees. The delegation was led by former Chief Whip Rt. Hon. Mark Harper MP, who was joined by seven other senior Conservative parliamentarians including former International Trade Minister Mark Garnier MP.