Brazilian beef group JBS has completed the acquisition of local indebted beef processor Independencia Group.

JBS, which announced last April it wanted to buy the business, today (1 February) confirmed it had concluded the deal made for BRL268m (US$142.8m).

The company has acquired four beef processing plants, two hide processing plants, two storage and distribution centres and all of Independencia’s brands as part of the deal. The acquisition was paid through the transfer of 23m shares of JBS held in treasury.