The world's largest meat packer, Brazil's JBS, has agreed to buy Moy Park, the UK unit of Marfrig Global Foods, for $1.5 billion, the companies said.
The purchase will solidify JBS's strategic plans to expand into European markets.
Moy Park, which originated in Northern Ireland, produces and processes poultry in Britain, Ireland, the Netherlands and France.
"This transaction represents an important step in JBS's strategy to grow its portfolio of prepared and convenient products with high value added portfolio," the company said in a statement.
"In addition, this acquisition increases the company's geographic diversification, with a relevant expansion of its operations in Europe."
JBS will pay $1.19 billion in cash for the acquisition and will take on Moy Park's debt of 200 million pounds ($318 million).
The final deal is subject to approval by JBS's board of directors and European anti-trust regulators.
In 2013, JBS purchased several Marfrig poultry companies.
Moy Park's net income totaled about $500 million in the first quarter of this year.
Name (required) *
E-mail (required, but will not be published) *
Notify me of follow-up comments
Cleveland pitcher Corey Kluber and catcher Roberto Perez humbled the hard-hitting Chicago Cubs in Tuesday's World Series opener, but will be called…
The facade of the world's tallest building, the Burj Khalifa in the Gulf emirate of Dubai, was lit up in pink Thursday…
It took just seven days for "Wizard of Oz" nostalgics to raise more than $300,000 in a crowdfunding drive to restore Dorothy's…
Powered and Developed by FilmMatters
Copyright © 2016 Arabtoday