PepsiCo (NASDAQ:PEP) closed on its $1.2 billion acquisition of Siete Foods on Friday, in a move that expands its portfolio with an authentic Mexican-American brand. The deal is anticipated to enhance PepsiCo's (NASDAQ:PEP) multicultural offerings and strengthens its position in the better-for-you food segment.

Siete is officially part of PepsiCo Inc. The global food and beverage company announced plans to acquire Austin-grown Garza Food Ventures LLC, known as Siete, late last year — a $1.2 billion deal that was finalized Jan. 17. It’s unclear if Siete will move its headquarters or continue to be based in Austin.

This acquisition is a clear indication of PepsiCo (NASDAQ:PEP)'s strategy to adapt and grow within the health-conscious segment of the food industry. The information reported is based on a press release statement from PepsiCo.

PURCHASE, NY. — Three-and-half months after unveiling the $1.2 billion deal, PepsiCo, Inc. has wrapped up its acquisition of Mexican-American food and snack brand Siete Foods.

PepsiCo, Inc. today announced that it has closed the acquisition of Garza Food Ventures LLC, dba Siete Foods ("Siete"), for $1.2 billion. Over the past two decades, PepsiCo has transformed its portfolio to include great-tasting convenient foods and drinks that are nutritious,