SÃO PAULO — Brazilian meat producer Minerva Foods recently confirmed an asset deal with fellow processor Marfrig Global Foods S.A.

The agreement’s framework was first announced in August 2023, when Minerva Foods announced that it would buy some meat processing plants from Marfrig for $1.5 billion.

Information from Marfrig officials said the Administrative Council for Economic Defense (CADE) in Brazil provided “approval of the transaction through the execution of a concentration control agreement (ACC), which requires a reduction in the material and geographic limits established in the expansion restriction clause set in the agreement, which will not alter the other terms and conditions set forth in the agreement and the transaction.”

The CADE stated that it approved the acquisition which included meat facilities in Brazil, Argentina and Chile.

“Considering this understanding of the solution negotiated with SG/CADE, which would mitigate the potential harm to the competitive environment resulting from the non-competition clause in the form originally presented, it was concluded that an ACC should be signed,” the Brazilian government agency said on its website.

Minerva also explained another step needed to finish the deal moving forward.

“The company highlights that, in addition to the final approval by CADE, the closing of the transaction is still subject to the satisfaction of certain conditions set forth in the agreement that rules the acquisition of the assets located in Brazil, Argentina and Chile,” Minerva said in an investor statement.

The original deal included processing plants in Uruguay, but regulators blocked those sites during May.

With the acquisition, Minerva would have beef plants in Brazil, Paraguay, Argentina and Colombia. The meat processor also exports its product to five continents.

Marfrig holds a stake in BRF S.A., a global food company. In 2018, the company acquired Kansas City, Mo.-based National Beef Packing Co. LLC.