(MENAFN) China's Bright Food Group's Chairman, Wang Zongnan, stated that the company had finished the purchase of 60 percent of British Weetabix Food Company's share capital, reported Xinhua News.
Zongnan said that the business deal is the biggest overseas acquisition carried out by a Chinese firm in the food and beverage sector, since it has an Enterprise Value (EV) of USD1.92 billion.
He added that the deal strengthens Bright Food's presence in the UK and global food markets, as Weetabix is Britain's second-largest branded manufacturer of cereals and cereal bars.
Following the transaction, the Weetabix brand will have access to all of Bright Food's channels that include more than 100,000 retail outlets.
At the current time, the British firm is carrying out research on the diet and taste preferences of Chinese consumers to support the introduction of new products for the market.
It is worth noting that Bright Food is one of the China's major international conglomerates in the food industry.