Brazilian meat giant JBS has struck a deal to buy local pasta manufacturer Massa Leve.
The JBS board has approved an agreement to pay BRL260m for the firm in a mix of cash and shares. Some BRL200m of the price will be paid for in shares.
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Massa Leve was founded in 1992 and is located in the municipality of Rio Grande da Serra in the state of Sao Paulo. JBS said Massa Leve is the “leading fresh pasta producer and the third largest in ready meals and sandwiches in Brazil”.
The company said it would look to “capture synergies” when integrating the business with its non-meat arm.
The deal is subject to the approval of Brazil’s competition watchdog, CADE.
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