PepsiCo agreed to acquire all outstanding shares of home seltzer-maker SodaStream for $144.00 per share in cash, which represents a 32% premium to the 30-day volume weighted average price.
The transaction will be funded with PepsiCo’s cash on hand. In June, PepsiCo completed a $3.75 billion five-year credit agreement with Citibank as administrative agent and joint lead arranger, along with JPMorgan and Merrill Lynch.
“PepsiCo and SodaStream are an inspired match,” said PepsiCo Chairman and CEO Indra Nooyi. “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. That focus is well-aligned with performance with purpose, our philosophy of making more nutritious products while limiting our environmental footprint.”
Daniel Birnbaum, SodaStream CEO and director, said, “Today marks an important milestone in the SodaStream journey. It is validation of our mission to bring healthy, convenient and environmentally friendly beverage solutions to consumers around the world.”
Goldman Sachs and Centerview acted as financial advisors to PepsiCo. Gibson, while Dunn & Crutcher acted as lead counsel, Davis Polk & Wardwell as U.S. tax counsel and Herzog, Fox & Ne’eman as Israeli legal counsel. Perella Weinberg Partners acted as financial advisor to SodaStream with White & Case acting as SodaStream’s U.S. legal counsel and Meitar Liquornik Geva Lesham Tal as Israeli legal counsel.
