Tyson Foods’ sale of Lakeside Farm Industries XL Foods is expected to be completed by mid-March, officials from both companies reported.
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The transaction, which was first announced last June, is proceeding now that the Canadian Competition Bureau has indicated it will not challenge the deal.
“We’re pleased the Competition Bureau has finished its review and we’re ready to move forward with the sale,” said Leland Tollett, interim president and CEO of Tyson Foods.
”As we’ve previously stated, Lakeside is one of Canada’s leading beef processing operations, but it simply no longer fits our company’s long-term strategy.”
Tyson’s current international focus is primarily on expanding the company’s presence in Asia, Mexico and South America.
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By GlobalDataThe C$105.5m (US$82.3m) sale of Lakeside includes C$55.5m to be paid on closing. The remaining C$50m, plus interest, will be paid over a five-year period following closing.
