In preparation for the company’s planned initial public offering in May, refrigerated meat and poultry producer the Cherkizovo Group has announced its intention to acquire broiler poultry producer Kurinoe Tsarstvo from Cypriot firm Golden Rooster.

With eight poultry farms, Kurinoe Tsarstvo has an annual revenue of up to US$80m.

According to a report by Dow Jones, the deal is estimated to cost between $70m and $100m.

Cherkizovo, with an annual revenue of $466m and estimated capitalisation of $500m to $600m, has suggested that the acquisition would increase the company’s appeal to investors.