PepsiCo to acquire Be & Cheery from Haoxiangni Health Food for $705m.

PepsiCo agreed to acquire Be & Cheery, an online snacks companies in China, from Haoxiangni Health Food, that develops, produces and sells snack products, for $705m. The transaction is subject to a Haoxiangni shareholder vote, certain regulatory approvals and other customary conditions. “Be & Cheery is highly complementary to our existing China business with its broad product portfolio, asset-light model, and focus on e-commerce. As we look to accelerate growth in key markets around the world and further grow ‘in China, for China, with China’, Be & Cheery adds direct-to-consumer capability, positioning us to capitalize 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. We also expect to leverage Be & Cheery’s innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets,” Ram Krishnan, PepsiCo Greater China CEO.