Brazilian food processor BRF SA, one of the world's leading food companies in poultry export, and Qatar's sovereign wealth fund have agreed to buy 79.5 percent of the operations of Turkish poultry producer Banvit, the Turkish company said in a statement to the Borsa Istanbul (BIST) stock exchange Tuesday.

The statement posted in Public Disclosure Platform (KAP) said that under the deal, BRF SA's subsidiary BRF GmbH would take a 60 percent stake in the venture and the Qatar Investment Authority's subsidiary Qatar Holding LLC would take 40 percent in a deal, in a joint venture, which calculates the poultry producer's value at $470 million.

A share sales agreement was signed on for the sale of approximately 79.48 percent of Banvit's fully paid-up capital in a TL 915.06 million ($243.6 million) venture.

The price can be reduced or increased depending on the price adjustments to be made based on the net indebtedness which will be determined on the basis of the interim balance sheet and income table to be issued as of the share transfer date, the operating capital, EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) and the dollar/Turkish lira parity on the related date.

The deal, which valued Banvit at 11.51 Turkish lira ($3.07) per share, is subject to approval by regulators.

The company's share was 12 percent higher at 9.85 around 10.10 a.m (0710 GMT) on Borsa Istanbul, Turkey's main stock exchange.

Banvit is the leading poultry firm in Turkey in terms of domestic market and exports.

The statement also suggests that a "share purchase offer" obligation will arise for the new partnership after the completion of the share transfer following the fulfillment of the conditions specified in the agreement.