PepsiCo Inc (Nasdaq: PEP) announced on August 20 its plans to take over SodaStream International Ltd. (Nasdaq: SODA) in a transaction worth $3.2b. This deal is part of PepsiCoÕs to diversify its product offerings. This move allows the company to take advantage of the growing seltzer water market via SodaStreamÕs popular DIY seltzer makers. SodaStreamÕs product offerings also fit PepsiCoÕs mission to appeal to health-conscious consumers. Indra Nooyi, PepsiCo CEO, stated that this transaction will allow the company to advance its vision of a healthier, more sustainable planet. The deal, which is expected to close by January, has been unanimously approved by the boards of both companies and will be funded completely with cash. Perella Weinberg and Centerview/Goldman Sachs served as financial advisers for SodaStream and PepsiCo, respectively. Shearman & Sterling and Paul, Weiss, Rifkind, Wharton & Garrison served as legal advisers to the transaction.