The sale of US meat processor Swift & Co. has been completed, it was announced today (12 July).

JBS, Latin America's largest beef processor, said it had sealed the acquisition of Swift from US private equity group HM Capital Partners for US$1.5bn.

The deal will make the consolidated JBS Swift Group will be the largest beef processor in the world.

JBS has operations in 23 plants in Brazil and 5 in Argentina. Swift is the third-largest processor of fresh beef and pork in the US and the largest beef processor in Australia.

The acquisition was first agreed in May. JBS agreed to acquire Swift for $225m and assume some $1.2bn of the company's debt.

Swift's owners announced a strategic review of the business back in January after a run of poor financial results.