Purchase, N.Y.-based PepsiCo and Tel Aviv, Israel-based SodaStream International Ltd., announced they have entered into an agreement under which PepsiCo will acquire all outstanding shares of SodaStream for $144 per share in cash, valued at $3.2 billion, the companies said.

“PepsiCo and SodaStream are an inspired match,” said Indra Nooyi, PepsiCo chairman and chief executive officer (CEO), in a statement. “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 (PwP), our philosophy of making more nutritious products while limited our environmental footprint,” she continued. “Together, we can advance our shared vision of a healthier, more-sustainable planet.”

Daniel Birnbaum, SodaStream director and CEO added: “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.

“We are honored to be chosen as PepsiCo’s beachhead for home preparation to empower consumers around the world with additional choices,” he continued. “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 around the world.”

PepsiCo’s distribution capabilities, global reach, research and development, design, and marketing expertise, combined with SodaStream’s differentiated product range will position SodaStream for further expansion and breakthrough innovation, the companies said.

The transaction also is another step in PepsiCo’s PwP journey, promoting health and wellness through environmentally friendly, cost-effective and fun-to-use beverage solutions, they added.

The acquisition was unanimously approved by the Board of Directors of both companies and will be funded with PepsiCo’s cash on-hand.

The transaction is subject to a SodaStream shareholder vote, certain regulatory approvals and other customary conditions, the companies said. The deal is expected to close by January 2019.

Goldman Sachs acted as the financial advisor to PepsiCo in this transaction.