Brazil-based J&F Participações S.A., which owns 77% of Latin America’s largest beef processor JBS S.A., has signed a definitive agreement to acquire US beef processor Swift & Company in an all-cash transaction valued of approximately $1.4 billion.

The transaction value includes $225 million in cash for all Swift stock held HM Capital and Booth Creek Management Corporation, which acquired Swift from ConAgra Foods, Inc. September 2002 acquisition, and the assumption by J&F of approximately $1.2 billion in Swift debt plus all transaction-related expenses.

The transaction is expected to be completed in mid-July.

Commenting on the deal, Edward Herring from HM Capital, said, “For J&F, the strategic combination of Swift and JBS—industry leaders with no market overlap—will create the world’s leading beef processor.”

Swift & Company is the third-largest processor of fresh beef and pork in the USA and the largest beef processor in Australia.