JBS to Acquire Pilgrim’s Pride in All-Stock Deal
The transaction aims to integrate the poultry producer into a more diversified global multi-protein and prepared foods platform.
JBS N.V. (JBS) agreed to acquire Pilgrim’s Pride Corporation (PPC) in an all-stock transaction.
Under the terms of the agreement, JBS will issue 2.086 Class A common shares for each share of Pilgrim’s Pride common stock. The deal is subject to regulatory and shareholder approval.
JBS said the business combination is intended to provide Pilgrim’s Pride stockholders with continued participation in the company’s performance through a simplified organizational structure and exposure to a larger, more diversified global multi-protein and prepared-foods platform.
“We believe this proposal offers PPC stockholders the opportunity to continue participating in PPC’s future performance through ownership of JBS shares, with exposure to a larger and more diversified global business,” said Jeremiah O’Callaghan, Chairman of the JBS Board of Directors.
Pilgrim’s Pride employs approximately 63,000 people and operates protein-processing plants and prepared-foods facilities across 14 U.S. states, Puerto Rico, Mexico, the U.K., the Republic of Ireland, and continental Europe. The company primarily distributes its products through retailers and foodservice distributors.
This acquisition follows a period of strategic expansion for the target. Pilgrim’s Pride recently agreed to acquire the Walkers Deli & Sausage Company, a U.K.-based producer of premium pork products, to strengthen its European platform and expand its presence in value-added food categories.