The Hershey Company recently purchased candy maker Shanghai Golden Monkey Food Co to expand its financial reach in China. The US-based chocolate maker settled the $498-million deal this week, according to Examiner.

According to USA Today, Hershey is also taking on an $86-million debt in addition to the acquisition, the report stated.

Under the terms of the deal, Hershey's subsidiary will assume control over 80% of the China candy maker's stock next year. The final 20% will be acquired by the end of 2015. As of this month, Shanghai Golden Monkey has five major production sites with its revenue hitting $225 million before New Year. The Chinese firm markets over 200 varieties of candy and tasty snacks throughout China and around the world, the report detailed.

In an official press release, Hershey said: "The acquisition is part of Hershey's new move to expand its operations in China. In May 2013, Hershey opened an Asia Innovation Center in Shanghai."