An additional benefit for Starbucks could be the CO2 exchange program which would invite the would-be consumer into its shops to perform a gas exchange and stay for beverage or snack of their choice. Retailers of all sorts, be them restaurateurs or department stores, are always looking for repeat visits by the consumer and the SodaStream gas exchange business provides this specific situation for the retailer.
Yes the CO2, would be important. But the "home run" would be the baristas in every store making this summer's hand crafted sodas with Soda Stream branded flavors. That would be very, very big. The high margins on these items and eventual higher earnings would be one reason SBUX might be an investor not just a partner. Makes sense to me anyway.
Next step would be the baristas to demo the Soda machines and sell them to customers. That is how SBUX operates.
There's no real synergy between SODA and Nestle. For a deal to work, that is be worth a lot to an acquirer, there must be synergy. Soda pop is not a big part of Nestle and neither is retailing. Makes no sense for Nestle unless they just want another business.
However, for PEP or SBUX there are many synergies that would make the acquirer more profitable within their own business as has been mentioned here. e.g. stop at Starbucks for your CO2 and relax with a cup of mocha latte whatever. The benefits run both directions as any good acquisition should.
Here is a scary quote off Bloomberg '“We are skeptical that leading beverage manufacturers would invest in SodaStream given the new at-home beverage platforms being launched,” analysts at Detwiler Fenton & Co. wrote in a note to clients today. “If anything, we fear SODA’s relevance as an at-home carbonation solution is waning as more alternatives pressure SODA’s potential.”
We are running out of time and the longer we go without a deal the worse the deal as SODA share price will start to collapse if this turns out to be another dry run. A deal made a year ago might have been in the $75-$125 range and here we are today talking $55.