UK - Brazilian meat company JBS has purchased UK poultry processing company Moy Park.
Moy Park has been owned by another Brazilian company, Marfrig, since 2008. Moy Park is a leading provider of fresh, locally farmed poultry in the UK and Ireland and is recognised as one of the largest producers of organic, free range and corn fed poultry in Europe.
JBS communicated the purchase to its shareholders in a statement over the weekend.
The Moy Park acquisition was valued at US$1.5 billion, adjusted by the working capital variation, as well as by the net debt of the Moy Park business at the conclusion of the transaction, which includes £300 million in Notes due in May 2021.
In the statement, JBS said: "This transaction represents an important step in JBS’ strategy to grow its portfolio of prepared and convenient products with high value added.
"In addition, this acquisition increases the Company’s geographic diversification, with an expansion of its operations in Europe in a relevant manner."
The transaction was approved by the Board of Directors of JBS and it is subject to the regulatory approvals, including the European Union antitrust authorities.
JBS said that its management will keep the market informed about the development of this transaction until its conclusion, which is projected to happen in the second half of this year.ThePoultrySite News Desk
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