JBS SA has agreed to buy Marfrig Global Food SA’s U.K.-based unit, Moy Park Holdings Europe Ltd. The acquisition is valued at $1.19 billion in cash and the assumption of $317 million in debt, reports Bloomberg News.

The purchase of Moy Park helps JBS add to its presence in Europe and aids its growth in prepared foods, according to a JBS statement. The company is based in northern Ireland and is the largest producer of organic and free range chicken in the U.K. It works with more than 800 poultry farmers in the country.

Selling Moy Park will allow Marfrig to reduce leverage levels and focus on expanding Keystone’s food service business in Asia and the U.S. and emphasizing beef exports from Brazil to those regions, Bloomberg reports.

Source: Bloomberg, Moy Park Europe