Brazil-based beef giant Marfrig has continued its expansion by acquisition with an agreement to buy meat businesses in Brazil and Europe in a deal that could rise to US$900m.

Marfrig, which has bought a pork firm in Brazil and a UK-based distributor in the last four months, said it would pay an initial $680m for the OSI units. The company could stump up a further $220m if the businesses hit performance targets.

Under the deal, Marfrig will buy Northern Ireland-based Moy Park Group, which has production sites in the UK, France and the Netherlands. Moy Park is the largest vertically-integrated poultry firm in the UK.

The agreement will also see Marfrig snap up Brazilian pork and poultry business Penasul Alimentos.