SMITHFIELD, Va. – Smithfield Foods Inc. announced Thursday that it has completed the sale of Smithfield Beef Group to JBS SA for $565 million in cash.
The sale reportedly includes 100 percent of Five Rivers Ranch Cattle Feeding LLC, which previously was in a 50/50 joint venture with Continental Grain Co. Immediately preceding the closing of the JBS transaction, Smithfield Beef acquired Continental Grain's 50 percent investment in Five Rivers for 2,166,667 shares of Smithfield Foods' common stock.