China’s Bright Food to buy majority stake in Israel’s Tnuva

China’s Bright Food Group has struck a deal to buy control of Israel’s largest food company, gaining new products and technology as it chases rivals in China’s fast-growing cheese and dairy markets.

State-owned Bright Food said on Thursday it would buy 56% of dairy firm Tnuva from private equity house Apax under the terms of a preliminary accord.

Bright Food did not disclose the sum, but Israel’s Mivtach Shamir Holdings, another major shareholder in Tnuva, said the deal valued all of the dairy firm at about $2.5bn (€1.83bn).