BEIJING, June 2 (Xinhua) -- PepsiCo Inc was granted approval by Chinese regulators to acquire Hangzhou Haomusi Food Co Ltd, better known as Be & Cheery, for 705 million U.S. dollars, the Xinhua-run China Securities Journal reported on Monday.
Upon completion of the transaction, Be & Cheery will become an independent business unit of PepsiCo in the Asia-Pacific region, maintaining an independent brand and independent operation.
It is learned that the original senior executive team and operating model of Be & Cheery will remain unchanged.
Based in Hangzhou, Be & Cheery is the country's top three local snack food companies. It has many product offerings across nuts, dried fruits, meat snacks, baked goods and confectionery. It predominantly sells online through major e-commerce platforms in China.
(Edited by Yang Yifan with Xinhua Silk Road, firstname.lastname@example.org)