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Pepsi to Buy Online Snacks Retailer in China

  • Be & Cheery sells nuts, dried fruits through e-commerce sites
  • Fast growth in China may help Pepsi as soft-drink sales slump
PepsiCo Inc. Product Distribution Ahead Of Earnings Figures
Photographer: Luke Sharrett/Bloomberg
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PepsiCo Inc. plans to buy online snacks company Hangzhou Haomusi Food Co. -- known as Be & Cheery -- for $705 million from Haoxiangni Health Food Co. as the maker of Doritos and Lay’s potato chips expands in China.

Be & Cheery’s products includes nuts, dried fruits, meat snacks, baked goods and confectionery items that are sold mainly online through China’s major e-commerce platforms. The deal is subject to a Haoxiangni shareholder vote, certain regulatory approvals and other customary conditions, the companies said in a statement.