The company was previously owned by Australia's Burns Philp, which has been selling off its food businesses. These include the Uncle Toby's snack food business sold to Nestle Australia in May.
Meanwhile PepsiCo has recently stated its plans for further acquisitions, particularly in healthier products. Chief financial officer Richard Goodman told analysts in October that the firm would earmark US$500 million a year for tuck-in acquisitions as part of an aggressive expansion strategy.
The company, best known for its sugary sodas, has seen sales grow on the back of healthier fruit drinks and snacks with lower fat.
Bluebird, with a leading position in major salty snack segments like potato chips and extruded snacks, also produces multigrain snacks and is the market the leader in the fruit and snack bar segments.
Alex Stevens, managing director of PepsiCo Australia, called Bluebird "an outstanding business with excellent growth potential" , adding that the group's other companies in the region would benefit from the deal.
PepsiCo will take on several market-leading brands, including Bluebird and Krispa, a strong distribution system and two manufacturing facilities employing 600 people.
PepsiCo Australia, which also owns The Smith's Snackfood Company, Sakata Rice Snacks and Pepsi Beverages Australia, plans to take control of the business in early January.
