Justice clears JBS acquisition of Pilgrim’s Pride
The acquisition paves the way for JBS to become the world's largest meat company.
The U.S. Department of Justice is terminating its investigation into JBS USA Holdings Inc.’s acquisition of Pilgrim’s Pride and allowing the transaction to proceed, according to a statement released by JBS.
Under the terms of the acquisition, JBS USA will purchase shares representing 64% of the total and voting capital stock of Pilgrim’s for $800 million in cash. The transaction represents an enterprise value of $2.8 billion.
The conclusion of the acquisition is subject to the final approval of the reorganization plan by the bankruptcy court, which is expected to take place before the end of the year.