Chinese snack brand Be & Cherry from jujube maker Haoxiangnj Health Food Co Ltd has purchased by Pepsi Co for $ 705 million, said by the company. According to the US multinational food and beverage maker said that the acquisition of Be & Cheery, which sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms having an important step in its goal to become the leading focused food and beverage company of China. ‘Be & Cheery adds direct-to-consumer capability, positioning us to capitalise on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels,’ Ram Krishnan, CEO of PepsiCo Greater China, said in a statement on Sunday. ‘We also expect to leverage Be & Cheery’s innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets.’
Be & Cheery, the largest online snack companies in China which were founded in 2003 and revenues have reported of about 5 billion yuan ($7117.million) in 2019, said by the company. Also, the transaction is subject to Haoxiangni shareholder vote, certain regulatory approvals and other customary conditions.
Read EquityPandit’s Nifty Outlook for the Week
Signals, Powered By EquityPandit