Food and beverage giant PepsiCo (NASDAQ: PEP) has made a deal to purchase Israeli fizzy drink-maker SodaStream for $3.2 billion. The plan calls for PepsiCo to pay $144 cash per SodaStream share using cash on hand. According to reports, the deal was unanimously approved by the boards of directors of both companies. The deal is expected to close by January 2019 pending certain regulatory approvals and an affirmative shareholder vote.

The deal is PepsiCo’s latest foray into more-healthful food and beverage offerings. While well-known for its soft drinks, PepsiCo also manufactures products such as juices, hummus and oatmeal. The company also owns water companies Aquafina, LIFEWTR, and Bubly.

SodaStream is one of the world’s top sparkling water brands. Founded in 1903 by London Gin distiller W & A Gilbey, SodaStream sells machines that allow people to add carbonation and flavored syrups to tap water at home.

In a statement, SodaStream CEO and Director Daniel Birnbaum said, “Today marks an important milestone in the SodaStream journey. It is 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.”

SodaStream’s shares rose more than 9 percent after the deal was announced. The company has seen its share price skyrocket since it went public in 2010. The company’s stock has surged more than 320 percent in the past two years, jumping 85 percent in the past year alone.