The world’s biggest beverage company Coca-Cola Co. wants to expand its businesses in the fast-growing Chinese beverage market Wednesday with a $2.5 billion bid in cash for major juice maker China Huiyuan Juice Group Ltd. Huiyuan is China’s top maker of pure fruit juices and nectars with around 31 production facilities. It shares, down over 50% current year and jumped to HK$11.10 early Wednesday.

According to the deal, Coca-Cola’s totally-owned subsidiary Atlantic Industries would buy the Chinese company’s shares for 12.20 Hong Kong dollars or $1.56 each. The share is about triple their most recent closing price, HK$4.14.Both companies said in a joint statement to the Hong Kong stock exchange. Moreover Coca-Cola has offered to pay for every outstanding convertible bonds and options, bringing the entire quantity of the agreement to as much as $19.6 billion Hong Kong Dollars (roughly $2.51 billion). That would worth the Beijing-based juice manufacturer at about HK$17.9 billion ($2.3 billion).

Dealogic, a research firm, ensured that it is the largest-ever deal in China’s food and beverage industry. If the deal will be approved by regulators, the achievement would mark Coca-Cola’s largest in China since it started operating in the country in the year of 1979 and boost its share in the Chinese beverage market.

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