Quorn Foods is eaten up by its rival for £550million
The owners of meat substitute firm Quorn Foods have agreed to sell the business to a Philippines-based rival for £550m.
Buyout companies Exponent Private Equity and Intermediate Capital Group said they would sell the north Yorkshire-based business to Monde Nissin, which makes noodles and biscuits.
Monde Nissin reportedly beat rivals such as French yoghurt maker Danone and Ireland's Kerry Group to buy the meat-free firm, which uses Olympic long-distance running champion Mo Farah to promote its brand.
Quorn, which sells meat-free mince, nuggets, burgers and sausages in 16 countries, said it made sales of £150.3m last year.
The deal is expected to close on October 30.
Monde Nissin chief executive Henry Soesanto said the company had been investing in healthier foods "in line with our strategy to become a global diversified food company".
Mr Soesanto added: "Quorn represents an important new leg in our offering.
"We are excited by the growth potential of the global meat alternatives market."
Quorn's chief executive, Kevin Brennan, will stay on at the firm after it has changed hands.
He said: "We have an ambition to be the world leader in meat alternatives, ultimately creating a one billion US dollars (£660m) business.
"Monde Nissin Corporation's purchase represents a great step forwards in this ambition."
He added that Monde would also provide the backing for the brand to expand across Asia.