Iconic cereal brand Weetabix has been sold to US firm Post Holdings for US$1.76bn, it emerged on Tuesday.
Post is the third largest cereal company in the US and will add Weetabix to its brands, which includes Golden Crisp, Cocoa Pebbles and Great Grains.
Chinese group Bright Food has owned Weetabix since 2012, when it took it over from Lion Capital.
A spokesman for Bright said the sale was part of its internationalisation strategy.
"Selling assets enables us to better expand. Going forward Bright will stick to our overseas push."
China’s Bright Food put its 60% stake in the cereal brand up for sale in January and ABF was said to be among the potential bidders.
Italy’s Barilla and Cereal Partners, a joint venture between Nestlé and General Mills, were also said to be eyeing up an acquisition of Weetabix.
Weetabix’s revenues of £346mln in 2015 were 2% lower than in 2012 and its pre-tax profit fell by 1% to £94.3mln.
The deal marks the latest in a raft of foreign takeovers of UK companies after the Brexit vote last June.
A weaker pound following the UK’s vote to leave the European Union has made investments more attractive to international investors.