Insurance group AMP Life has said it has sold its cattle business Stanbroke Pastoral to a group of investors for more than A$490m (US$319m), including debt.

The successful bidder for Stanbroke was Nebo Holdings and Investments, a consortium of five farming families and Jack Cowin, founder of the Hungry Jacks fastfood chain in Australia.

Stanbroke is the largest beef producer in Australia, with a herd of around 500,000 head of cattle, reported Reuters.