JBS concludes sale of beef assets to Minerva
Transaction includes beef operations in Argentina, Paraguay and Uruguay
Minerva’s acquisition of JBS beef assets in Argentina, Paraguay and Uruguay has been concluded, according to a material fact published on the JBS website.
The assets are being acquired for an estimated amount of US$300 million.
The beef operations will become of Pul Argentina SA; the Paraguay assets will become part of Frigomerc SA, while the Uruguay assets will be part of Pulsa SA operations. Pul Argentina, Frigomerc and Pulsa are all entities controlled by Minerva.
Near the beginning of June, Brazilian-based meat and poultry company JBS announced its intent to sell those beef assets, but a Brazilian federal judge later ordered the blockage of the sale amid a corruption scandal involving JBS executives. That ruling was upheld by a Supreme Court justice in Brazil, according to reports, but were later lifted.
Brazilian antitrust agency Administrative Council for Economic Defense (CADE) had since given approval of the sale of those beef assets to Minerva.
Other JBS divestiture activity
The Minerva deal is one of several with which JBS has been involved.
In July, JBS Food Canada announced it would sell Lakeside Feeders to MCF Holdings Ltd., a subsidiary of Nilsson Bros. Inc. Several weeks prior to that, JBS stated that it intended to sell Five Rivers Cattle Feeding, which has operations in Colorado, Kansas, Oklahoma, Texas, Arizona and Idaho, as well as in Alberta, Canada.
An earlier material fact from JBS stated that the company also hoped to find buyers for Northern Ireland-based poultry company Moy Park and for South American dairy company Vigor Alimentos.