PepsiCo in talks to buy Siete Foods for over $1 bln, WSJ reports
Adds details from report and background throughout
Sept 30 (Reuters) -PepsiCo PEP.O is in advanced talks to acquire tortilla-chip maker Siete Foods for more than $1 billion, the WallStreet Journal reported on Monday, citing people familiar with the matter.
Texas-based Siete Foods is owned by the Garza family and operated by all seven of its members.
A deal for the closely held Siete Foods could be announced soon unless the talks fall apart, the report said.
The sale process for the business hasbeen competitive, with the company drawing takeover interest from private-equity firms and other food companies, some of the people familiar with the matter told the Wall Street Journal.
PepsiCo declined tocomment.
The deal comes in the midst of robust dealmaking in the U.S. packaged food sector as companies seek to scale their businesses at a time when inflation-weary consumers cut back spendingand shift their purchases to private-labelbrands.
Demand for PepsiCo'ssnacks and soda, mainly in the UnitedStates, its largest market, has taken ahit from a series of price hikes and competition from private-label brands.
Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuberand Devika Syamnath
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