SAO PAULO — JBS , the world's biggest beef producer, said on Tuesday it had struck deals to buy two U.S. companies, Smithfield Beef Group and National Beef Packing Co, as well as Australia's Tasman Group, for a total of nearly $1.3 billion.
JBS currently owns JBS-Swift in the United States, and this deal will make Swift the largest U.S. beef producer, surpassing Tyson Foods, industry sources said.
The Brazilian company said it would issue 2.55 billion reais in stock to raise money for the takeovers in a private subscription.
As part of its "globalization strategy," JBS S.A. said in a statement it would pay $565 million for Smithfield, including its Five Rivers Ranch cattle feedlots subsidiary; $560 million for National Beef; and $150 million for Tasman.
The acquisitions of Tasman and Smithfield will be paid for in cash, while the National Beef deal involves payment of $465 million in cash and about $95 million in JBS shares.
JBS will issue stocks to finance the acquisitions at 7.07 reais a share, it said in a separate statement.
Read the full Reuters story here.
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