JBS to Buy Pilgrim's Pride in All-Stock Deal
The combination folds the chicken processor into a larger multi-protein platform, simplifying its corporate structure and eliminating standalone public-company costs.
JBS N.V. agreed to acquire Pilgrim's Pride Corporation (PPC) in an all-stock transaction, offering 2.086 JBS Class A common shares for each share of Pilgrim's Pride common stock, the companies said. The deal would consolidate the chicken and prepared-foods processor into JBS's broader global multi-protein platform.
The business combination is structured to give Pilgrim's Pride stockholders continued participation in the company's performance within a larger, more diversified entity. Key benefits of the transaction include a simplified organizational structure, the elimination of standalone public-company costs, more flexible capital allocation, and access to greater trading liquidity.
Pilgrim's Pride employs roughly 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 distributes primarily through retailers and foodservice distributors.
The acquisition comes as Pilgrim's Pride has been expanding its value-added and prepared-foods businesses. Earlier in August, its European arm agreed to acquire Walkers Deli & Sausage Company from Samworth Brothers, a deal that would strengthen its position in premium pork categories in the U.K.. That transaction, subject to Competition and Markets Authority approval, would add four production facilities in Leicester and approximately 1,150 employees.
Pilgrim's Pride has generated more than $5 billion of cash flow from operations over the past six years and invested an average of more than $430 million a year in capital expenditures. The company declared a $1.5 billion special dividend in 2025 and has distributed $3.7 billion cumulatively since 2015. Its balance sheet carried a pro forma leverage ratio of 1.2 times at year-end 2024, with $1.1 billion of additional liquidity available through revolving credit facilities and no debt maturities before 2031.
The combination with JBS would give Pilgrim's Pride stockholders exposure to a broader protein portfolio while removing the costs and constraints of maintaining a separate public listing. Completion of the transaction is subject to customary closing conditions, including regulatory and shareholder approvals.