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.
PepsiCo is buying SodaStream, a home system for carbonating water, for $3.2 billion in a deal which will give the beverage giant direct access to customers in their homes. The Purchase, New York-based group will use cash on hand to fund the acquisition. PepsiCo said the move is also meant to boost sustainability because consumers fill reusable bottles.
"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", Nooyi said in the statement.
Earlier this month, she announced she would be standing down as CEO in October after 12 years at the helm.
SodaStream has targeted big soda makers in ads in the past, criticizing them for making excessive waste.
After Coca-Cola bought the stake in Green Mountain in 2014, Nooyi said in an interview PepsiCo would avoid committing to a single technology in at-home soda makers.
In a note to investors, Bonnie Herzog, managing director of equity research for Wells Fargo Securities, said she thinks the move can help accelerate PepsiCo's "ongoing strategic shift towards adding healthier options across its product mix and.complement the company's growing water portfolio - including its recently launched bottled sparkling water brand Bubly".
Pepsi said its strong global distribution capabilities would position SodaStream for further expansion.