The deal, according to a report in The Australian, is worth A$140m (US$101m) and would likely see Bindaree target markets in Asia.
The deal is subject to approval from Australia's Foreign Investment Review Board.
Bindaree has an abattoir at Inverell in New South Wales which can process up to 1,300 cattle a day.
In a statement to The Australian, Bindaree chairman JR McDonald said: "Delisi’s deep expertise in meat sales and processing, their premium and trusted brands and established distribution channels open up new avenues for BBG to leverage China’s growing appetite for beef protein."
Officials at Bindaree were unavailable for comment when approached by just-food.
Earlier this year, Bindaree announced a merger with meat marketing company Sanger Australia, which saw the latter operating as a stand-alone subsidiary of the new company.