Brazil-based meat, poultry and food company BRF has finalized the acquisition of part of the frozen foods distribution business from Qatar National Import and Export Co. (QNIE).
The company announced on January 6 that the conditions set forth in the transaction were duly satisfied by regulatory agencies.
BRF in October announced that it had signed a binding memorandum of understanding with QNIE to acquire part of that distribution business, with the transaction having an estimated enterprise value of US$140 million.
QNIE had been BRF’s distributor in the State of Qatar for more than 40 years.
The company stated that the transaction is in line with its strategic plan of globalization by means of reaching local markets, strengthening BRF’s brands and distributing and expanding its product portfolio around the globe.
BRF has actively been growing over the past year, having made other acquisitions in Argentina, Thailand and the U.K. In addition, it has recently established joint ventures with Singapore Food Industries in Singapore and Invicta Food Group in Europe.
WATTAgNet readers closely followed the news concerning BRF in 2015, as it ranked third among the most-searched-for meat and feed companies on the website. It was outranked only by Cargill and Tyson Foods.