PepsiCo Inc.'s (PEP) - Get PepsiCo, Inc. Report CEO Indra Nooyi has made her last big move.

The company on Monday, Aug. 20, said it had bought Israel-based SodaStream International Ltd. (SODA) - Get SodaStream International Ltd. Report in a $3.2 billion deal.

PepsiCo has agreed to pay $144 per Sodastream share, which represents an almost 11% premium to Friday's closing price, to gain control of the company's in-home soda technology. PepsiCo said the price represented a 32% premium to the 30-day volume weighted average.

The transaction will be funded with PepsiCo's cash on hand and has been unanimously approved by the boards of both companies. The deal is expected to close in January 2019.

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The acquisition is PepsiCo's largest in eight years and marks a last hurrah for Nooyi, who earlier this month said she would step down as CEO on Oct. 3 and remain chairman until early 2019. She will be replace by company insider Ramon Laguarta, who ran the company's Europe Sub-Saharan Africa division before being elevated to president last year.

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"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," the CEO elect said in a statement.

Rumors that PepsiCo would go after the in-house soda maker have dogged the company all the way back to 2013, when the company denied it had held talks with the Israel-company.

Side note: it will be interesting to watch how outspoken Sodastream CEO Daniel Birnbaum is integrated into the company. It was just last year that Birnbaum ripped Nooyi after PepsiCo's disastrous Kendall Jenner ad.

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