US meat processor ConAgra Foods said yesterday [Wednesday] that it expects to close the US$1.4bn sale of more than half of its meat operations in September.
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ConAgra agreed in May to sell a 54% stake in its fresh beef and pork business to a group of private equity investors. The group is spearheaded by Dallas-based Hicks, Muse, Tate & Furst, which has made a number of significant investments in the food sector in recent years.
ConAgra is expected to earn US$800m in cash and an equity interest valued at US$250m at closing, reports Reuters.
