Brazilian packer and tanning group Minerva has agreed a deal to acquire most of the slaughter facilities that rival group Marfrig runs across South America.

It will pay more than $1.5 billion for the Marfrig assets, adding them to the 25 abattoirs it runs already in the region. It has estimated that the additional facilities will increase its revenues by 45%.

After the acquisition closes, Minerva will have 52% of total beef production capacity in Brazil, 15% in Paraguay, 15% in Argentina, 11% in Uruguay, and 7% in Colombia.

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