Brazilian meatpacking company Minerva has entered an agreement to acquire Uruguay-based meat packer Pul for around US$65m.

Minerva announced yesterday (18 January) that the deal, which remains subject to government approval, will include a production unit in Cerro Largo, which has a slaughter capacity of 1,400 head of cattle a day.

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Pul is among the three largest meatpackers in Uruguay, with projected net revenues of between $125 and $145 in 2011.

Pro-forma EBITDA, after synergies to be extracted, will reach around $13.5m in 2011.

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