JBS sells off further assets in Canada
JBS Food Canada, an indirect subsidy of JBS, has reached an agreement to sell its beef cattle feed yard and adjacent farmland in Brooks, Alberta, Canada, to MCF Holdings Ltd.
The sale is worth $40m (€35m).
Under terms of the agreement, MCF will continue to supply cattle to the JBS Canada beef processing facility in Brooks.
Completion of the transaction is subject to regulatory review and approval.
It is the latest part of the JBS business to be sold, following last month’s announcement that it would be selling Northern Ireland poultry processor Moy Park.
JBS only acquired Moy Park two years ago in a deal worth €1.3bn. It is expected that a similar valuation up to €1.3bn is likely to be placed on Moy Park once again.
Debt at JBS increased rapidly after its parent company J&F Investimentos was fined €3bn by Brazilian prosecutors following an investigation into corruption and bribery.
The processor plans to raise €1.6bn from a fire sale of its assets, including Moy Park and assets from JBS Food Canada.