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Tyson Foods (NYSE: TSN) signed a definitive agreement Monday to sell its poultry operations in Mexico and Brazil for $575 million in cash to JBS SA (OTC: JBSAY).
Tyson traded recently at $41.31, up 4.4 percent.
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Tyson expects the deal to close by the end of 2014, subject to regulatory approval.
Proceeds will pay down debt from Tyson's $7.7 billion acquisition of Hillshire Brands, agreed to earlier this month.
The Mexican business will be acquired through Pilgrim's Pride, whose majority owner is JBS, and which earlier this month lost a bidding war with Tyson to acquire Hillshire Brands.
The Brazilian business is to be acquired through JBS Foods, also a unit of JBS SA.
Tyson, which earlier Monday posted earnings of $0.78 per share, a nickel below forecasts, said the operations to be sold aren't large enough to gain a leading market share in their markets.
Tyson plans to expand its poultry operations in Asia, which include three plants in China and majority ownership of two poultry plants in India.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.