Marfrig announces sale of Moy Park to JBS for $ 1.5 bi

The Marfrig reported on Sunday that signed with JBS, the world's largest meat producer, sale of Moy Park, unit of chicken and processed foods in Europe, for about 1.5 billion dollars.
A source with knowledge of the matter had informed the transaction told Reuters earlier on Sunday.
Second fact, the transaction value is composed by payment at sight of 1.19 billion Marfrig $. Under the agreement, JBS will assume net debt of Moy Park of 200 million pounds. The transaction is subject to approval by the competition defence organs of the European Union. According to the Communique, the closing of the transaction is expected to occur between the third and fourth quarter of this year.
According to Marfrig, the operation allows the company to focus on priority areas such as the export of beef from Brazil to Asia and to the United States, whose opening is expected soon. The deal follows the JBS's strategy to grow in processed foods. In addition, will give the company a greater performance in Europe.
The Moy Park is one of the leading companies of ready-to-eat foods in Europe, with poultry processing units in England and Northern Ireland. It also has plants in France and the Netherlands.
In the first quarter of this year, Moy Park reached 1.543 billion, or 26 percent of the total Marfrig.
This is not the first deal between JBS and Marfrig. A few years ago, the company controlled by the Baptist family agreed to buy the unit processed Seara, Marfrig, in a move that increased the company's market share.