Pepsi's Acquisition of SodaStream Should Enhance Its Water Portfolio; Shares Remain Attractive
Wide-moat Pepsi has announced that it will buy SodaStream, the leading manufacturer of home beverage carbonation systems, for $3.2 billion in cash, or $144 per share (roughly 31 times 2017 adjusted EBITDA). From our vantage point, the deal, which is expected to close in January 2019, aligns with Pepsi's recent efforts to build out its water portfolio, including the launch of its Bubly brand sparkling water earlier this year. Further, it reflects the company's ongoing focus on more natural and nu...PepsiCo is a food and beverage company. The company's segments include: Frito-Lay North America, which includes food and snack businesses in the United States and Canada; Quaker Foods North America, which includes cereal, rice, pasta and other food businesses in the United States and Canada; PepsiCo Beverages North America, which includes beverage businesses in the United States and Canada; Latin America, which includes beverage, food and snack businesses in Latin America; Europe, which includes beverage, food and snack businesses in Europe; and Africa, Middle East and South Asia, which includes beverage, food and snack businesses in Africa, the Middle East and South Asia.
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