China's Bright Food is buying 60% of Weetabix from British owner Lion Capital in a deal valuing the breakfast cereal giant at £1.2 billion.
A joint statement from private equity group Lion Capital and Bright Food said they hoped to complete the deal this year.
The statement said the deal would "represent the largest overseas acquisition by a Chinese company in the food and beverage sector."
The company's other brands include Alpen and Ready brek.
"The remaining 40% of the shares will continue to be held by Lion and management. The transaction is subject to regulatory and government approvals in China as well as certain anti-trust approvals," the statement added.
Bright Food said it was "committed to driving the global growth and success of the Weetabix business, with a focus on the potential in Asia and especially in China, to take advantage of the growing appetite in the country for packaged and convenient healthy foods."
"As a leading business in China's food industry, we are delighted to become the majority shareholder in Weetabix,'' Bright Food chairman Zongnan Wang added.
"This company has an excellent portfolio of brands including the famous British cereal brand, Weetabix, and also other category-leading brands such as Alpen and Ready brek," he added.
Based in Northampton, central England, Weetabix employs about 1,800 staff around the world, while its cereals are exported to more than 80 countries.
