In May 2012, Chinese state-owned enterprise the Bright Food Group announced that it had acquired a majority equity shareholding in the Weetabix Food Company. The transaction is the largest-ever overseas deal by a Chinese food group – Weetabix Food Company has an enterprise value of £1.2billion – and was Bright Food Group’s first in Europe.

Over several months, a team of nine UK Deloitte partners worked closely with partners from member firms in Shanghai and Hong Kong, and were supported by a cross-service-line team of over 35 professionals, to assist the Bright Food Group in acquiring a 60 per cent equity interest in the company. The team provided financial, operations, tax, HR and pensions due diligence and advised on tax structuring, GAAP conversion, compensation and benefits, pensions and the transaction documents.

The Weetabix Food Company is the UK’s second-biggest producer of cereals after the Kellogg Company and owns leading brands such as Weetabix, Oatibix and Alpen.