SodaStream, an Israeli maker of carbonation products, will be bought by PepsiCo for $3.2 billion.
PepsiCo has announced it is buying Sodastream for $3.2bn (£2.5bn).
The deal is likely to close in January.
SodaStream CEO Daniel Birnbaum said the deal marked a "validation of our mission to bring healthy, convenient and environmentally friendly beverage solutions to consumers around the world".
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"From breakthrough innovations like Drinkfinity to beverage dispensing technologies like Spire for foodservice and Aquafina water stations for workplaces and colleges, PepsiCo is finding new ways to reach consumers beyond the bottle, and today's announcement is fully in line with that strategy".
Even rival Coca-Cola is diversifying more. Last week, Coca-Cola agreed to buy a minority stake in Bodyarmor, a sports-drink maker whose backers include former basketball star Kobe Bryant, in a further move to diversify beyond sugary, fizzy beverages. Over the years, many users have used SodaStream only for making fizzy water, without the flavoured syrups it sells.
PepsiCo said it was acquiring all SodaStream's outstanding shares at $144 U.S. per share, a 32 per cent premium to the 30-day volume weighted average price.
Earlier this month, SodaStream reported its strongest results in company history, a 31pc year-over-year jump in revenues to $172m, an 89pc leap in operating profit to $32m and an 82pc climb by net profit to $26m.
SodaStream was set up in Britain in 1903 by a London gin distiller, and the company still had a factory in Peterborough as late as 2003, when production transferred to Israel and the West Bank under its new Israeli owners. In 2014, PepsiCo tested sales of homemade brands through the Israeli company's system. PepsiCo shares were up only 0.3 percent as analysts questioned whether the deal would move the needle for PepsiCo's struggling drinks business.