PEP PepsiCo Inc

   By P.R. Venkat 
 

PepsiCo Inc. has agreed to buy Be & Cheery, an online snack company in China from Haoxiangni Health Food Co., for $705 million.

Based in Hangzhou, Be & Cheery's products include nuts, dried fruits, meat snacks, baked goods and confectionery that are mainly sold online through major e-commerce platforms in China.

The snack company had 5 billion yuan ($711.5 million) revenue last year, PepsiCo said in a statement late Sunday.

"Be & Cheery is highly complementary to our existing China business with its broad product portfolio, asset light model, and focus on e-commerce," the chief executive of PepsiCo Greater China Ram Krishnan said in the statement.

The transaction is subject to a Haoxiangni shareholders' vote, certain regulatory approvals and other customary conditions, the statement said.

Haoxiangni Health Food Co., is mainly engaged in research and development, sourcing, manufacturing and distribution of health foods. It is listed on the Shenzhen Stock Exchange.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

February 23, 2020 23:09 ET (04:09 GMT)

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