National Beef Packing Company LLC announced that the owners of National Beef have entered into a membership interest purchase agreement with NBM US Holdings, an indirect subsidiary of Marfrig Global Foods S.A. under which NBM will acquire 51% of the outstanding ownership interests in National Beef. The operations and management of National Beef will remain unchanged with Tim Klein continuing as National Beef President and Chief Executive Officer upon completion of the transaction. The current owners of National Beef will continue as owners under the new structure.
Marfrig has agreed to pay US$ 969 million for the equity interest and, once the transaction is concluded, will become the world’s second-largest beef processor, with consolidated sales of R$ 43 billion (US$ 13 billion). The transaction is subject to certain limited conditions and will require customary regulatory approvals. It is expected to close in the second quarter of 2018.