Monday, 22 October, 2018

Pepsi is buying SodaStream for $3.2 billion

PepsiCo to buy Soda Stream for $3.2 billion SodaStream will give Pepsi Co a new way of reaching customers in their
Cristina Norman | 21 August, 2018, 11:58

According to the Times of Israel, the purchase will not affect the workers of the seltzer water machine maker as PepsiCo has committed to keeping the business in Israel for 15 years.

More recently, the Israel-based company reinvented itself as a fizzy water company popular with younger and more health- and environmentally-conscious consumers, who want to drink less soda and use fewer plastic bottles.

Earlier this month, SodaStream reported its strongest results in company history, a 31 percent year over year jump in revenues to $172 million, an 89 percent leap in operating profit to $32 million and an 82 percent climb by net profit to $26 million. The stock rose 10 per cent to US$143.36 in premarket trading in the U.S.

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

Other soft-drink producers have tried to tap the at-home market, though success has been elusive. Coca-Cola Co ventured into single-serve machines when it bought a stake in Green Mountain Coffee Roasters in 2014, though the soft-drink-making system they developed was discontinued in 2016 due to weak demand.

"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", Ms Nooyi said in the statement.

PepsiCo will pay $144.00 per share in cash, a 32% premium.

Nooyi is stepping down from the top job at PepsiCo later this year, but the move shows that Pepsi's CEO-elect, Ramon Laguarta, will continue focusing on healthier alternatives. Along with water company Aquafina, it now owns LIFEWTR (pH balanced water with added electrolytes) and Bubly (a sparkling water brand).

However, Sodastream has commanded some negative headlines in recent years as well, due to the fact that its primary manufacturing plant was for years located in the West Bank, much to the annoyance of pro-Palestinian activists who dispute Israeli control of the territory.

Goldman Sachs acted as financial advisor to PepsiCo and Centerview also acted as financial advisor to PepsiCo.

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