Baring Private Equity Asia said on Tuesday it has completed its purchase of a 40% stake in Weetabix Food Company and is working on enticing Chinese consumers away from their traditional morning bowl of congee and towards the firm’s British breakfast cereals.
The terms of the transaction were not disclosed but a person familiar with the deal said the stake purchase values Weetabix at about 1.3 billion, slightly more than the 1.2 billion China’s Bright Food paid for a 60% stake in the Northamptonshire-headquartered firm back in 2012.
The deal was structured so that Bright Food first bought the 40% stake in Weetabix from private...
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