**PepsiCo Acquires Siete Foods in $1.2 Billion Deal to Expand Multicultural Portfolio**

PepsiCo, Inc. (NASDAQ: PEP) has made a significant move to enhance its product diversity by entering into a definitive agreement to acquire Garza Food Ventures LLC, commonly known as Siete Foods, for $1.2 billion. The acquisition is poised to enrich PepsiCo’s offerings with a range of authentic Mexican-American food products and expand its footprint in the better-for-you foods market.

Siete Foods, established in 2014 and based in Austin, Texas, has rapidly become a beloved brand offering tortillas, salsas, seasonings, sauces, cookies, snacks, and more. Currently, Siete products are available across the United States in a variety of grocery stores, club stores, and organic food retailers.

Ramon Laguarta, Chairman and CEO of PepsiCo, expressed admiration for the Garza family, who founded Siete Foods. "The Garza family has built a very special brand. Their passion for making and sharing food shines through in every Siete product, and that's a passion we share at PepsiCo," said Laguarta. He emphasized that adding Siete's products to PepsiCo's multicultural portfolio would allow even more consumers to discover and enjoy Siete.

Miguel Garza, CEO and Co-Founder of Siete Foods, highlighted the alignment of values and visions between the two companies. "Siete was created ten years ago to make heritage-inspired, Mexican-American food more widely available. Now we're excited to embrace a new era with PepsiCo and bring our inclusive, better-for-you products to more people," he said. Garza also hopes this merger serves as an inspiration for other Latino businesses.

The acquisition is subject to customary closing conditions, including regulatory approval, and is projected to finalize in the first half of 2025. Additional terms of the agreement remain undisclosed.

Both companies had notable advisors for this transaction. Centerview Partners LLC and Citi served as financial advisors for PepsiCo, with Gibson Dunn & Crutcher LLP acting as their legal advisor. Lazard advised Siete Foods, while Weil, Gotshal & Manges LLP, along with Armbrust & Brown, PLLC, provided legal counsel.

PepsiCo, a global giant with a diverse array of beverages and convenient foods, continues to focus on sustainability and human capital through its pep+ (PepsiCo Positive) initiative. This strategic transformation aims to create value and growth by operating within planetary boundaries and inspiring positive change for planet and people.