(Yicai Global) June 2 -- US food and beverages giant PepsiCo has completed its USD705 million purchase of the Chinese firm that sells Be & Cheery-branded snacks online.

Haomusi Food will become a unit of the owner of 7UP and Lay's brands with independent operation in the Asia Pacific region, the New York-headquartered buyer said in a statement yesterday. The target firm's management and business model will also remain unchanged, it added.

Founded in 2003, Haomusi sells roasted nuts, dried fruit, and meat snacks. The firm was acquired by Haoxiangni Health Food in 2016 for CNY960 million (USD135 million), which would mean about a fourfold return on investment.

The deal means that the ongoing Covid-19 pandemic did not scare away the multinational corporation that said in late February that it is looking to purchase the Hangzhou-based retailer.

China is one of PepsiCo's most important global markets and the firm has invested more than CNY53 billion (USD7.4 billion) in the country over the past decade, Ram Krishnan, Asia Pacific chief executive, said in the press release.

PepsiCo has advantages in agriculture, manufacturing, and global procurement while Haomusi has a flexible and asset-light supply chain, and together with partners they can provide more stable, efficient, and optimized solutions, the new parent added.

Editor: Emmi Laine