PepsiCo Inc. has agreed to buy home-carbonation company SodaStream International Ltd. for $3.2 billion, the latest move by the cola giant to diversify away from sugary sodas and salty snacks.
Israel-based SodaStream is a leading maker of countertop water-carbonation machines. Its devices let people carbonate tap water and other beverages at home by filling a reusable bottle and then flavoring it with an array of syrups. The Nasdaq-listed company has in recent years focused on promoting itself as a maker of homemade sparkling...