JBS USA Food Company has entered into an agreement to sell Five Rivers Cattle Feeding’s feedlot operations in the US.
The feedlot has been sold to affiliates of Pinnacle Asset Management, for approximately US$200m.
Included in the sale is the market value of silage and grain inventories which is subject to adjustments by working capital variation at closing.
ADVERTISEMENT
Coupled with the acquisition of Five Rivers’ shares, the buyer will also sign a long-term contract to supply cattle to JBS in North America, the company said in a statement on Thursday.
The conclusion of the sale is subject to the usual regulatory approvals and adjustments, including corporate approvals, the buyer securing the relevant funding and approval by US antitrust authorities.
JBS will use a portion of the proceeds to further reduce its debt in Brazil subject to its stabilisation agreement, as announced in July of last year.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
JBS USA Food Company has entered into an agreement to sell Five Rivers Cattle Feeding’s feedlot operations in the US.
The feedlot has been sold to affiliates of Pinnacle Asset Management, for approximately US$200m.
Included in the sale is the market value of silage and grain inventories which is subject to adjustments by working capital variation at closing.
Coupled with the acquisition of Five Rivers’ shares, the buyer will also sign a long-term contract to supply cattle to JBS in North America, the company said in a statement on Thursday.
The conclusion of the sale is subject to the usual regulatory approvals and adjustments, including corporate approvals, the buyer securing the relevant funding and approval by US antitrust authorities.
JBS will use a portion of the proceeds to further reduce its debt in Brazil subject to its stabilisation agreement, as announced in July of last year.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS