[(Title)] PepsiCo Is Acquiring SodaStream for $3.2 Billion.

PepsiCo has agreed to acquire countertop carbonated water machine maker SodaStream for $3.2 billion—the snacking and beverage giant's latest move to add healthier products to its portfolio and push a more environmentally friendly agenda.

百事公司已经同意以32亿美元收购以色列苏打水设备制造商SodaStream，这家零食和饮料巨头最近将更健康的产品添加到其产品组合中，并推动一项更环保的议程。

The deal, for $144 per share in cash, is a 32% premium to the 30-day volume weighted average share price of SodaStream,

which earlier this month reported what it said was its  "most successful quarter"  ever and its ninth consecutive quarter of double-digit revenue growth.

这笔交易以每股144美元现金收购，比SodaStream的30天成交量加权平均股价溢价32％，SodaStream在本月早些时候报告了它所称的“有史以来最成功的季度”和连续第九个季度 收入实现两位数增长。

The deal is expected to close by January 2019, pending approval by regulators and SodaStream shareholders.

该交易预计将于2019年1月结束，等待监管机构和SodaStream股东的批准。

SodaStream will be run as an independent division, and its current management team will remain intact—a setup both parties said was essential in order for the Israeli company to maintain its entrepreneurial culture.

SodaStream将作为一个独立部门经营，其目前的管理团队将保持完整，双方都表示，建立这样一个机制对于以色列公司保持其创业文化至关重要。SodaStream成立于1991年的公司是以色列家用自制苏打水机器制造商，生产一种机器和可再充气的圆筒，能在30秒内将静水转变为苏打水或碳酸饮料。

For PepsiCo, SodaStream provides an entree into what PepsiCo CFO Hugh Johnston calls  "in-home beverage creation,"  a new market for the soda seller.

对于百事可乐，SodaStream向百事可乐首席财务官Hugh Johnston呼吁的“家庭饮料制造”，这是汽水饮料销售商的一个新市场。

"We really do see the two companies as an ideal match in a lot of ways,"  Johnston told Fortune.

Johnston告诉《财富》说：“我们确实把两家公司看作很多领域的理想对手。”

SodaStream aligns with PepsiCo's attempts to expand its offerings beyond soda and salty snacks as it tries to cater to a growing consumer segment that claims to want products that are better for their bodies and the planet.

SodaStream与百事可乐的努力一致，该公司试图将产品扩展到汽水和咸味小吃之外，因为该公司正努力迎合越来越多的消费者群体，他们声称想要更适合他们身体和市场的产品。

In February, PepsiCo launched bottled sparkling water brand Bubly, and last week the company formally announced that it was creating a new operating entity, called The Hive, in order to focus on developing emerging brands.

今年2月，百事公司(PepsiCo)Buly推出了装瓶冲水品牌，上周该公司正式宣布，正在建立一个名为Hive的新经营实体，以专注于发展新兴品牌。

In July, PepsiCo reported sales in its North American beverage business that had declined for four quarters in a row.

今年7月，百事公司(PepsiCo)报告其北美饮料业务的销量连续下滑了4个季度。

SodaStream CEO Daniel Birnbaum told Fortune that his company plays into current  "mega-trends,"  such as consumers looking for ways to reduce their carbon footprints.

SodaStream首席执行长Daniel Birnbaum告诉《财富》说，他的公司正参与当前的“巨型趋势”，比如减少消费者寻找碳酸饮料的途径。坐在用户台面上的SodaStream机器，可以通过向消费者填充自来水的可重复使用的瓶子中添加二氧化碳。

The SodaStream machine, which can sit on users' countertops, works by adding carbon dioxide to reusable bottles that consumers fill with tap water.

Birnbaum previously has been critical of PepsiCo's push into bottled water, calling premium water brands  "the biggest marketing and advertising scam of all time"  in a 2017 interview with Fortune.

Birnbaum此前曾在《财富》2017年的采访中批评百事可乐(PepsiCo)推动瓶装水的发展，称优质水品牌是——“史上最大的营销和广告骗局”。

In an interview on Sunday, he applauded the  "very bottle-oriented"  company for being  "bold enough to go out of the bottle."  Earlier this month,

在周日的一次访谈中，他称赞“非常以瓶颈为主”的公司“足够大胆的从瓶子里走出来”，本月早些时候，即将离任的CEO Indra Nooyi宣布，该公司正在领导一项全行业的举措，以扭转美国家庭回收率下降的趋势。

outgoing CEO Indra Nooyi announced that the company is leading an industry-wide initiative to reverse the declines in household recycling in the U.S.

SodaStream's business went through a challenging period about five years ago, leading the company to make a strategic shift to identify itself as a sparkling water brand rather than a soda alternative.

SodaStream的业务在大约五年前经历了一个充满挑战的时期，导致公司做出战略转变，将自己定位为苏打水品牌，而不是苏打水替代品。

Birnbaum says that now 90% of all SodaStream liters consumed are plain sparkling water and that the company is currently the largest sparkling water brand in the world by volume.

Birnbaum说，目前所消费的SodaStream总油量的90%都是纯气泡水，目前该公司是全球最大的气泡水品牌。

The deal gives SodaStream access to PepsiCo's massive resources and distribution network; SodaStream is in 46 countries versus more than 200 for PepsiCo.

这笔交易使SodaStream能够进入百事公司的大量资源和分销网络；SodaStream进入46个国家，而百事公司遍布200多个国家。

Birnbaum pointed to the German market as a case where the company could use PepsiCo's expertise: The majority of all water consumed in the country is sparkling, he says, but SodaStream has only 8% penetration.  "It's an example of low-hanging fruit,

"  he says.

SodaStream and PepsiCo have had conversations at various times over the years, including an unsuccessful 2015 partnership in which consumers could buy caps filled with PepsiCo's soda flavoring to add to their carbonated water.

SodaStream和百事可乐多年来一直在不同时间进行过对话，包括2015年的合作失败，消费者可以购买装满百事可乐苏打调味料的瓶盖，以添加到碳酸水中。

But Birnbaum says putting Pepsi products on the SodaStream platform isn't part of the plan going forward.  "We're going to focus Sodastream on sparkling water,"  he says.

不过，Birnbaum表示，将百事可乐产品放在SodaStream平台上并不是未来计划的一部分。

The SodaStream-PepsiCo tie-up will likely be one of the last deals under the tenure of Nooyi, who announced earlier this month that she would retire as CEO in October.

SodaStream-百事可乐合作可能是Nooyi任期内的最后一笔交易，Nooyi本月早些时候宣布将于10月退休。

On her watch, PepsiCo has mostly sat out of the flurry of deals in the sector, as its Big Food brethren have attempted to bolster their portfolios by buying upstart brands and consolidating.

在她看来，百事可乐多半不在这一领域的一系列交易之列，因为它的“Big Food brethren”试图通过收购新贵品牌和整合来强化他们的投资组合。例如，今年早些时候，Keurig Green Mountain表示会购买Dr Pepper Snapple。

Earlier this year, for example, Keurig Green Mountain said it would buy Dr Pepper Snapple.

Johnston says the SodaStream deal should not be seen as a sign that the company is about to go on an acquisition tear.

"I would view this as a terrific opportunity unto itself,"  he says,  "but I wouldn't view it as a change of philosophy at all."