Marfrig Global Foods announced June 22 the sale of its entire Moy Park business unit to JBS S.A., the world's largest meat packer, for $1.5 billion. Moy Park is one of the largest producers of organic, free range and corn fed poultry in Europe.

"This transaction represents an important step in JBS's strategy to grow its portfolio of prepared and convenient products with high value added portfolio," JBS S.A. said in a statement. "In addition, this acquisition increases the company's geographic diversification, with a relevant expansion of its operations in Europe."

The deal will include a payment of $1.19 billion in cash to Marfrig at the time of closing the deal, as well as the assumption of Moy Park’s net debt of 200 million pounds.

JBS said the transaction was approved by the company’s Board of Directors and is subject to the regulatory approvals, including the European Union antitrust authorities.

The transaction is expected to close by the end of 2015.