Post Holdings has paid £1.4bn to buy the controlling stake of the cereal company, which was one of a series of United Kingdom firms taken over by Chinese investors in 2012.
The dollar's recent strength and the pound's weakness helped Post fight off competition from Associated British Food and Italy's Barilla to land the breakfast giant.
Weetabix is being acquired by the consumer packaged goods holding company Post Holdings front Shanghai's Bright Good Group for £1.4 billion.
A customer places a packet of Weetabix breakfast cereal into a shopping cart at a supermarket in Slough, UK. Concerns over the sugar content of some cereals has also hit sales of such products.
Weetabix remains one of the most popular cereal brands in the United Kingdom since its establishment in Northamptonshire in the 1930s.
Bright Food's Pan said that Weetabix's sales in China rose sixfold in the past year in an email in February.More news: Florida tests bacteria-infected mosquitoes to kill off bugs
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"This is a part of our internationalisation strategy". Selling assets enables us to better expand. Going forward Bright will stick to our overseas push.
But that wasn't enough to crack the market in China, so its current owners Bright Food Group made a decision to sell.
In North America, Weetabix operates a natural and organic ready-to-eat cereal and snacks in both branded and private label, led by the Barbara's brand and the Puffins sub-brand and serving leading natural and specialty channel and conventional retailers. Globally it ranks seventh.
A novel take on a Weetabix breakfast that may not catch on either.
Northamptonshire-based Weetabix, which has a royal warrant, was family-owned until 2004, when it was bought by private equity firm Lion Capital.