SHANGHAI — Coca-Cola China said it has agreed to acquire a 100% equity interest of Xiamen Culiangwang Beverage Technology Co., Ltd., a producer of plant-based protein drinks sold in China, in a transaction valued at approximately $400 million. The company is owned by Hong Kong-listed China Culiangwang Beverages Holdings Ltd.
Headquartered in Xiamen, Fujian Province, Xiamen Culiangwang’s top-selling products include green bean, red bean and walnut variants of plant-based protein drinks sold under the brand China Green Culiangwang.
“The proposed acquisition is in line with Coca-Cola China’s strategy to continue providing a diverse range of beverage products to Chinese consumers with plant-based protein drinks representing a growing beverage category in China,” Coca-Cola said.
The transaction is subject to the approval by the Ministry of Commerce in China. Coca-Cola tried to expand in the Chinese beverage market in 2009, but its proposed acquisition of Huiyuan Juice Group was blocked by the Ministry of Commerce.Coca-Cola has invested more than $5 billion in China since re-entering the market in 1979.