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.

PepsiCo is in advanced talks to acquire tortilla-chip maker Siete Foods for more than $1 billion, according to people familiar with the matter. A deal for the closely held business could be announced soon,

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