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Brazil Packer buys Swift

Brazil´s leading beef processor and exporter has purchased Swift Foods Co., the third largest U.S. processor of beef and pork, for $1.4 billion.

Brazil´s JBS S.A., which controls leading beef exporter Friboi, announced the acquisition of Swift Foods Co., the third largest U.S. processor of beef and pork, for $1.4 billion, JBS said Tuesday in a statement.

The acquisition must be approved by local authorities and JBS said it expects to conclude the deal by July.

The deal was conducted via the JBS overseas arm called J&F Acquisition Co. The company was advised by Rothschild Inc in the process.

According to a person close to the operation, JBS has already obtained an authorization to contract a bridge loan to finance the acquisition. The loan would come from a group of five banks: Banco do Brasil, Citigroup, Santander, Rotschild and UBS.

JBS is the largest producer of beef and beef by-products in Latin America, and one of the largest in the world.