Bright Food Group, one of China's largest food groups, announced on November 5 that it had completed the acquisition of 60 percent of the British Weetabix Food Co.

With a value of 1.2 billion pounds ($1.92 billion), including company shares and debt, the transaction marks the largest overseas acquisition by a Chinese company in the food and beverage sector.

This transaction allows Bright Food to enter into both the UK and global food markets through the acquisition of a premium global brand.

The Weetabix brand will now have access to all of Bright Food's channels, including over 100,000 retail outlets, allowing it to access Chinese households more rapidly. At the same time, Weetabix is conducting research on the diet and taste preferences of Chinese consumers to support the launch of new products for the Chinese market.