US poultry processor Pilgrim's Pride has announced that it has completed its acquisition of ConAgra Foods' chicken division.

As previously announced, the purchase price is estimated at around US$546.8m, consisting of approximately 25.4 million shares of common stock and $300.8m in cash.

As a result of the acquisition, Pilgrim's Pride is now the second-largest US chicken firm with pro forma annual net sales of approximately $5bn.

The completed acquisition adds several brands to the company's portfolio, including Pierce, Country Pride, Easy-Entree and To-Ricos.