Global food and beverage company PepsiCo has signed an agreement to acquire Israeli carbonated water machines manufacturer SodaStream in a deal valued at $3.2bn.

Under the terms of the agreement, PepsiCo has agreed to acquire all outstanding shares of SodaStream for $144 per share in cash.

SodaStream CEO and director Daniel Birnbaum said: “Today marks an important milestone in the SodaStream journey. It is a validation of our mission to bring healthy, convenient and environmentally friendly beverage solutions to consumers around the world.

“That focus is well-aligned with ‘Performance with Purpose’, our philosophy of making more nutritious products while limiting our environmental footprint.”

“I am excited our team will have access to PepsiCo’s vast capabilities and resources to take us to the next level.”

Completion of the deal is subject to a SodaStream shareholder vote, regulatory approvals and customary conditions, which are expected to take place in January next year.

The deal combines the distribution capabilities, global reach, research and development (R&D) capacity, and design and marketing expertise of PepsiCo with the differentiated product range of SodaStream.

PepsiCo chairman and CEO Indra Nooyi said: “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. Together, we can advance our shared vision of a healthier, more sustainable planet.”

For this deal, Goldman Sachs and Centerview acted as financial advisors to PepsiCo, while Perella Weinberg Partners acted as financial advisor to SodaStream.