Pilgrim’s Pride has acquired Moy Park for £1bn (€1.1bn or $1.3bn), the Irish Farmers Journal understands.

The transaction was unanimously approved by a special committee of Pilgrim’s board of directors.

In a statement, Janet McCollum, chief executive of Moy Park, said that she was encouraged by the acquisition.

“This announcement is a positive development for Moy Park and all our colleagues employed across the business. Pilgrim’s is one of the leading chicken producers in the world, with a proven track record, and we see great opportunities for Moy Park as part of this successful business,” she said.

Janet McCollum, Moy Park CEO.

This is the third time Moy Park has changed hands in nine years. In 2008, it was sold to Brazilian processing giant Marfrig.

In 2015, JBS SA purchased the company for what was then £945m ($1.3 billion).

What is Pilgrim’s?

Pilgrim’s is a Brazilian-owned, American food company that employs approximately 42,000 people and operates chicken processing plants and prepared-food facilities in 14 states in America, Puerto Rico and Mexico.

Well-known brands it owns include Gold Kist, County Post, Pierce Chicken, Pilgrim’s Pride and GNP.

Moy Park

Moy Park is currently Northern Ireland’s largest private sector business and one of Europe’s leading poultry producers. With 13 processing and manufacturing units in Northern Ireland, UK, France, the Netherlands and Ireland, the company processes 5.7 million birds per week.

Moy Park, which headquarters are based in Craigavon, was founded in 1943.

Finance

The transaction was funded by a combination of Pilgrim’s cash-on-hand, existing credit facilities and a Subordinated Seller Financing Note issued by a wholly owned subsidiary of Pilgrim’s to JBS S.A., which the company intends to replace with the issuance of permanent financing.

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