Brazil's JBS buys European poultry producer for $1.5B

Brazilian group JBS, the world's largest meat producer, announced on Tuesday it has completed the purchase of European poultry group Moy Park for $1.5 billion. The company indicated that the acquisition from Brazil's Marfrig had received the necessary approvals, including from the European Union. Moy Park, which is based in Northern Ireland, raises chickens and turkeys in the United Kingdom, Ireland, the Netherlands and France. In 2014, it had sales of some 5.5 billion reals (1.2 billion euros). Under the deal, JBS pays Marfrig $1.2 billion and assumes Moy Park's debt of about $293 million.