(MENAFN) The world's largest meat packer, Brazil's JBS, has agreed to buy Moy Park, the UK unit of Marfrig Global Foods, for USD1.5 billion, solidifying its plans to expand into Europe, AFP reported.
Moy Park produces and processes poultry in Britain, Ireland, the Netherlands and France. JBS will pay USD1.19 billion in cash for the acquisition and will take on Moy Park's debt of USD318 million.
"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.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.