Business

PepsiCo agrees to acquire SodaStream for $3.2 billion

A hand activating a SodaStream device to carbonate a drink.
Photo: John Sciulli/Getty Images for SodaStream USA

PepsiCo has agreed to acquire SodaStream, the Israeli company known for its fizzy water-maker, for $144 per share, or $3.2 billion.

Bottom line: The acquisition is the latest move by the company to redirect its focus away from sugary soda toward healthier products, as the Financial Times notes. Its incoming chief executive, Ramon Laguarta, is expected to continue this trend once CEO Indra Nooyi steps down in October after 12 years at the helm.

Saudi fund eyes investment in electric car startup Lucid Motors

The Lucid Air. Photo: Timothy A. Clary/AFP/Getty Images

Saudi Arabia's sovereign wealth fund may invest in luxury electric vehicle startup Lucid Motors, according to Reuters, which reports that recent discussions could result in the Saudis eventually investing over $1 billion and obtaining majority ownership.

Why it matters: The report comes just days after Tesla CEO Elon Musk claimed the Saudi Public Investment Fund (PIF) was "eager" to bankroll his plan to take Tesla private.