PepsiCo has agreed to acquire a Chinese snack company for $705 million.

Be & Cheery, organized as Hangzhou Haomusi Food Co. Ltd., is being sold to PepsiCo by Haoxiangni Health Food Co. A line of nuts, dried fruits and other snacks that is available mostly online, Be & Cheery had earnings of about $711 million last year.

“Be & Cheery is highly complementary to our existing China business with its broad product portfolio, asset light model, and focus on e-commerce,” Ram Krishnan, CEO of PepsiCo Greater China, said in a statement. “As we look to accelerate growth in key markets around the world and further grow ‘in China, for China, with China’, Be & Cheery adds direct-to-consumer capability, positioning us to capitalize on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels.”

The transaction is subject to a Haoxiangni shareholder vote, certain regulatory approvals and other customary conditions. It would be the first major overseas acquisition by PepsiCo since its purchase of South African company Pioneer Foods last year.