Smithfield Foods has completed the previously announced acquisition of Premium Standard Farms (PSF).

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Under the deal, each PSF share has been converted into 0.678 Smithfield shares and US$1.25 in cash. The total combined value received by PSF shareholders was $22.13 per share, based on Smithfield’s closing price on the NYSE on Friday (4 May).


The purchase price totalled $800m, including the assumption of $125m of PSF’s debt.


Because of restrictions imposed by the regulatory process, Smithfield said that it has not been able to explore all potential synergies and commercial opportunities resulting from the merger, but will begin that assessment process immediately.


“This combination is a great strategic fit for Smithfield,” said C. Larry Pope, president and CEO. “The acquisition of PSF fits well with our strong expertise in hog production and pork processing.”

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