Pilgrim’s Pride to buy U.K. and Ireland’s Kerry’s prepared meals business

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Pilgrim’s Pride Corp.
PPC,
-1.73%
said late Thursday it has agreed to buy the meats and meals business of Kerry Consumer Foods in the U.K. and Ireland for an undisclosed amount. Following the deal, Pilgrim’s “will be a leading food company, with a significant value-added protein and integrated prepared foods business anchored by a portfolio of strong brands,” the poultry producer said. The deal values Kerry, which makes branded and private-label meats, meat snacks, frozen meals and food-to-go products, around $1 billion. The deal is expected to close in the fourth quarter of this year, including customary conditions. Shares of Pilgrim’s were flat in the extended session Thursday after ending the regular trading day down 1.7%.

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