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The company has seen its share price skyrocket since it went public in 2010 and has had a really strong couple of years, jumping 85 per cent in the past year alone.

Pepsi will pay $144 per SodaStream share in cash, representing a 10.9% premium to Friday's closing price of SodaStream's US-listed stock and a 32% premium to its 30-day average.

Monday's sale looks to inject another big tax payout to Israel following previous sales of Israeli companies such as the mobile navigation app Waze, which was acquired by Google for about $1 billion, and Mobileye, which produces technology for self-driving cars and was gobbled up by Intel past year for $15 billion. The acquisition signals Pepsi's awareness that more people are shunning traditional soda drinks for healthier offerings.

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Founded in the United Kingdom in 1903, SodaStream was a coveted device in British kitchens in the 1970s and 80s, allowing customers to create fizzy drinks by adding flavoured syrups to carbonated water, but it faded in popularity as soft drinks became cheaper. "PepsiCo is finding new ways to reach consumers beyond the bottle".

Waning soda consumption and environmental concern have led soft-drink producers to try to tap the at-home market, though success has been elusive.

SodaStream has targeted big soda makers in ads in the past, criticizing them for making excessive waste.

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Buying SodaStream will further boost Pepsi's health credentials.

"SodaStream is highly complementary and incremental to our business, adding to our growing water portfolio", said Ramon Laguarta, who is set to replace Nooyi in October. In 2014, PepsiCo tested sales of homemade brands through the Israeli company's system.

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.

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The move will bring Israeli-based SodaStream International Ltd. under American ownership, and give PepsiCo more points for moving to decrease the amount of plastic flowing into landfills and seas.


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