Wednesday, 14 November, 2018

Pepsi Plans To Buy SodaStream In $4.4 Billion Deal

The Soda Stream acquisition will probably be the last big move by Pepsi Co chief executive officer Indra Nooyi who steps down in October PepsiCo buys Sodastream for $3.2bn
Orlando Vargas | 21 August, 2018, 03:40

PepsiCo will buy the Israel-based DIY soda company SodaStream in a deal worth $3.2 billion (£2.5 billion).

"With sugary carbonates and juices struggling and no turnaround in sight, mitigating the losses through newer and healthier products will be essential for PepsiCo", he said in a research note.

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.

SodaStream shares jumped 9.4 per cent to close at US$142.11 in NY, while PepsiCo slipped 0.1 per cent to US$114.94.

PepsiCo chairman and CEO Indra Nooyi has called the companies "an inspired match".

PepsiCo is in the process of expanding its water offerings.

Sodastream has grown strongly in Europe and Asia in recent years but growth in the U.S. has been sluggish. It is attractive because it is growing fast and allows people to customize their drinks, incoming CEO Ramon Laguarta said.

Buying SodaStream will further boost Pepsi's health credentials.

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A turnaround at SodaStream over the last two years was helped by activist hedge fund manager Teleios Capital Partners, which nominated an external candidate to the board in 2016.

SodaStream's shares have jumped 85 percent this year after a 78 percent increase in 2017.

The deal between Pepsi and Sodastream still needs to clear cursory regulatory hurdles, but PepsiCo plans to pay $144 (£113) cash per SodaStream share in the transaction using cash on hand.

Say "get busy with the fizzy" to a child of the 1980s and they will think nostalgically to the Sodastream, the do-it-yourself fizzy drinks machine that was notorious among parents for the mess it created.

Coca-Cola and Keurig Green Mountain forged a partnership in 2015 to market a counter-top cold-drinks machine, but pulled the plug the following year after it failed to take off.

If everything goes smoothly, the deal is expected to close around January of 2019.

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

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