(Reuters) -PepsiCo is in advanced talks to acquire tortilla-chip maker Siete Foods for more than $1 billion, the Wall Street 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.

The sale could come soon, and value Siete above $1 billion.

The makers of Pepsi Cola agreed to pay $1.2 billion to obtain Garza Food Ventures dba Siete Family Foods, PepsiCo announced Tuesday.

PepsiCo’s stock rose Tuesday, bucking the selloff in the broader stock market, after the beverage and snacks giant announced an agreement to buy Mexican-American foods maker Siete Foods for $1.2 billion a week before earnings are released.

PepsiCo Inc. has entered a definitive agreement to acquire Austin-based Siete Foods for $1.2 billion. The deal is expected to close in the first half of 2025, although the transaction is subject to customary closing conditions,

Read more PepsiCo Inc. has entered a definitive agreement to acquire Austin-based Siete Foods for $1.2 billion, Austin Business Journal reports.

Siete Foods, an Austin-based brand specializing in "better for you" Mexican-American products, is joining PepsiCo's business portfolio in a $1.2 billion acquisition deal. PepsiCo said Tuesday that the deal is intended help add a "rich,

The Lay’s brand owner said the deal will “complement PepsiCo's portfolio with the addition of an authentic, Mexican-American brand”.

PepsiCo said Tuesday that it’s buying Mexican American food company Siete Foods for $1.2 billion, marking the company’s first food acquisition in roughly five years.