Cat food looked appealing Thursday as

Del Monte

( DLM) reportedly put the finishing touches on an agreement to acquire privately held Meow Mix.

Del Monte, which already sells Kibbles 'N Bits and 9Lives, will pay more than $700 million for Meow Mix, whose multicolored morsels have survived an onslaught of feline health food over the last decade. The negotiations were reported by

The Wall Street Journal

.

Meow Mix, groomed by several private equity firms, has been a good bet over the years. It is currently owned by Cypress Group, which paid about $425 million for the brand in 2003. The previous owner acquired the company from Nestle a year earlier for $160 million.

Pet Food accounts for about 26% of Del Monte's revenue.