Such carbonated drinks often mimic the taste and consistency of store-bought, more sugary drinks-like Pepsi.
SodaStream makes a kitchen gadget that allows people to carbonate any drink in their home.
"Together, we can advance our shared vision of a healthier, more sustainable planet".
Sales of soft drinks, PepsiCo's traditional products, are struggling.
This represents a 32% premium to the 30-day volume weighted average price. It said the purchase was another step in its bid to "promoting health and wellness through environmentally friendly, cost-effective and fun-to-use beverage solutions".
PepsiCo has announced plans to buy Israel-based fizzy drink maker SodaStream in a deal valued at $3.2 billion.
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The purchase, which is expected to close by January 2019, will see PepsiCo, most famous for the Pepsi soft drink, acquire a company that specializes in the production of home fizzy drink dispensers.
According to The Wall Street Journal, "Sparkling water has grown far more strongly than the overall bottled water category in the US, clocking volume growth of 38% past year up from 35% in 2016 according to data from industry tracker Beverage Marketing Corp".
SodaStream shares have jumped 49 per cent this month after the company boosted its forecast for revenue growth this year to 23 per cent and reported first-half figures that beat estimates.
Three years ago, the firm shut down its West Bank factory amid global boycott calls and opened a sprawling new factory deep in Israel's Negev Desert instead.
In a note to investors, Bonnie Herzog, managing director of equity research for Wells Fargo Securities, said she thinks the move can help accelerate PepsiCo's "ongoing strategic shift towards adding healthier options across its product mix and.complement the company's growing water portfolio - including its recently launched bottled sparkling water brand Bubly".
The move will bring Israeli-based SodaStream International Ltd. under American ownership, and give PepsiCo more points for moving to decrease the amount of plastic flowing into landfills and seas.
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