PURCHASE, N.Y. — PepsiCo, Inc. has entered into an agreement to acquire SodaStream International Ltd., Airport City, Israel, in a transaction valued at approximately $3.2 billion. SodaStream is a maker of a home appliance that allows consumers to produce carbonated water that may be enhanced with a variety of flavors.

Under the terms of the agreement, PepsiCo will acquire all outstanding shares of SodaStream for $144 apiece in cash. The price represents a 32% premium to the 30-day volume weighted average price, according to PepsiCo.

“PepsiCo and SodaStream are an inspired match,” said Indra Nooyi, chairman and chief executive officer of PepsiCo. “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.”

SodaStream productsThe acquisition has been unanimously approved by the boards of directors of both companies. The transaction is subject to a SodaStream shareholder vote, regulatory approvals and other conditions, and closing is expected by January 2019.

“Today marks an important milestone in the SodaStream journey,” said Daniel Birnbaum, c.e.o. of SodaStream. “It is validation of our mission to bring healthy, convenient and environmentally friendly beverage solutions to consumers around the world. We are honored to be chosen as PepsiCo’s beachhead for at home preparation to empower consumers around the world with additional choices. I am excited our team will have access to PepsiCo’s vast capabilities and resources to take us to the next level. This is great news for our consumers, employees and retail partners worldwide.”

The SodaStream appliance ranges in price from $79.99 for the classic “starter pack” to $179.99 for the premium model. Carbonating cylinders used to create the carbonation are available for $29.99 and produce approximately 60 liters of water, according to the company. Bottles of flavor concentrates sell for $3.99 to $5.99 each and are available in flavors such as lemon, orange and mango as well as varieties that include diet caffeine-free cola, diet energy drink and ginger ale.

“SodaStream is highly complementary and incremental to our business, adding to our growing water portfolio, while catalyzing our ability to offer personalized in-home beverage solutions around the world,” said Ramon Laguarta, c.e.o.-elect and president of PepsiCo.  “From breakthrough innovations like Drinkfinity to beverage dispensing technologies like Spire for food service and Aquafina water stations for workplaces and colleges, PepsiCo is finding new ways to reach consumers beyond the bottle, and today’s announcement is fully in line with that strategy.”

SodaStreamFor the first six months of fiscal 2018, ended June 30, SodaStream earned $44,678,000, equal to $1.99 per share on the common stock, and an increase over the same period of the previous year when it earned $29,104,000, equal to $1.34 per share.

Sales during the six-month period rose to $315,130,000 from $245,929,000 the year prior.

In fiscal 2017, SodaStream generated annual sales of $543.4 million.

Western Europe was the company’s largest market during the most recent six-month period, generating $193.7 million in sales. The Americas are the company’s second largest market with $73.9 million in sales.

SodaStream sold $114.9 million worth of water makers during the period and $194.5 million in “consumables,” which include carbonation cylinders, flavor enhancers and water bottles.