Be & Cheery is falling under PepsiCo’s banner.

In an effort to extend its presence in the worldwide snack and beverage market, PepsiCo is moving to obtain ownership of one of China’s largest snack brands, Be & Cheery. Pepsi and Be & Cheery are currently working out the last details of a deal to purchase the rights for a sum of $705 million, which will help Pepsi, in their own words, to become “China’s leading consumer-centric food and beverage company.”

Be & Cheery, based in the Chinese city of Hangzhou, specializes mostly in nuts, dried fruits, assorted jerkies, and more, all of which it makes a tidy profit on through online sales. Last year, the company’s profits totaled 171 million yuan (approximately $24.3 million), which was a 38% rise from their profits in 2018. The brand is currently owned by Haoxiangni Health Food, who obtained it for a 960 million yuan (approximately $136.5 million) price tag in 2016.

China’s snack market has exploded in value recently; according to an estimate by their Ministry of Commerce, the Chinese snack market shot up over 400% in value between 2006 and 2016. The ministry is projecting a profit of approximately 3 trillion yuan ($427 billion) for 2020. Pepsi’s acquisition of Be & Cheery is actually very fortuitous for them, as the Chinese government has been encouraging its citizens to shop online more in an effort to limit the spread of COVID-19, AKA the coronavirus, placing the country squarely in Be & Cheery’s wheelhouse.