Moy Park acquisition to spark £560m issue
US chicken processor Pilgrim’s Pride Corp plans to fund its £1bn buyout of UK peer Moy Park with cash in hand, an extension of its term loans, and a new debt issue to repay a JBS subordinated note.
JBS, the Brazilian food company that is the world’s largest protein processor, announced the sale of its majority stake in Moy Park to Pilgrim’s Pride on Monday. The agreement valued its stake at £790m, and the business at £1bn.
JBS also owns a controlling stake in Pilgrim’s,
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