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.
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