October 15, 2019 / 3:31 PM / a month ago

UPDATE 1-Pilgrim's Pride closes Tulip acquisition, strengthens position in UK pork market

(Adds details from the deal, share performance)

SAO PAULO, Oct 15 (Reuters) - Brazil's JBS SA said on Tuesday that its subsidiary Pilgrim's Pride Corp concluded the acquisition of Tulip Ltd in the United Kingdom, where the company is seeking to strengthen its position in the market for pork.

In a securities filing on Tuesday, JBS said Tulip's acquisition, valued at 290 million pounds ($367 million), was approved by Pilgrim's board and funded with cash.

When announced in August, the parties said the transaction would solidify Pilgrim's as a leading European food company and one of the largest integrated prepared foods businesses in the United Kingdom.

JBS shares rose 1.41% to 29.41 reais and were among the biggest gainers on the São Paulo stock market on Tuesday. "Pilgrim’s is already strongly positioned within the UK chicken market and would like to strengthen its position within the market for pork," the company said in August.

$1 = 0.7907 pounds Reporting by Gabriela Mello and Ana Mano; Editing by Lisa Shumaker

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