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.