China's Bright Food is buying 60 percent of Weetabix from British owner Lion Capital in a deal valuing the breakfast cereal giant at 1.2 billion pound (1.48 billion euros, $1.94 billion), the pair said on Thursday.

A joint statement said the transaction, which private equity group Lion Capital and Bright Food hope to complete this year, would "represent the largest overseas acquisition by a Chinese company in the food and beverage sector."

It added "that an agreement has been reached whereby Bright Food will acquire 60 percent of the share capital of The Weetabix Food Company for an enterprise value of 1.2 billion pound, including company shares and debt.

"The remaining 40 percent 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."

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."

Bright Food chairman Zongnan Wang added: "As a leading business in China's food industry, we are delighted to become the majority shareholder in Weetabix.

"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."

Based in Northampton, central England, Weetabix employs about 1,800 staff around the world, while its cereals are exported to more than 80 countries.