Snack and drink giant PepsiCo is buying Israeli-based SodaStream for a whopping $3.2 billion.

In a statement on Monday, SodaStream CEO Daniel Birnbaum said that “today [Monday] marks an important milestone in the SodaStream journey. It is a 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 at home preparation to empower consumers around the world with additional choices,” Birnbaum 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 worldwide.”

The Tel-Aviv based company manufactures portable machines, cylinders and refillable bottles that allow users to carbonate water, as well as make carbonated drinks, in the comfort of their own home. It is also viewed as a healthier alternative to carbonated beverages available to consumers.

The deal also gives SodaStream the chance to broaden its reach. It currently distributes across 45 countries with its largest markets being in Germany, France, Canada and the US.

Commenting on the deal, incoming PepsiCo CEO Ramon Laguarta said, “SodaStream is highly complementary and incremental to our business, adding to our growing water portfolio while catalyzing our ability to offer personalized in-home beverage solutions around the world,” adding that “PepsiCo is finding new ways to reach consumers beyond the bottle.”

Prior to the deal, SodaStream shares had risen by 85% since the beginning of the year

The deal is expected to close by January 2019.