JBS, a Brazilian meat manufacturer, has completed the acquisition of beef processor Independencia for BRL268m ($142.8m).
JBS had announced its intention to acquire Independencia's beef business in April 2012. The company funded the transaction through transfer of its 23 million shares of common stock.
The acquisition includes four beef processing plants, two hide processing plants, two storage and distribution centres and all of Independencia's brands.
Independencia filed for bankruptcy protection in February 2009 after beef exports fell significantly. It halted production in October 2010. In 2011, the creditors of Independencia approved a plan to sell off some of the assets.
JBS, headquartered in Sao Paulo, Brazil, is a leading beef processor in Brazil and Canada, and a leading chicken integrator and pork processor in the US.
Last month, JBS announced its plans to acquire certain Canadian operations of meat packing company XL Foods as well as its Lakeside beef packing plant in Brooks, Alberta, Canada, through its new Canadian subsidiary, JBS Food Canada.
