January 9, 2017 / 9:12 PM / a year ago

BRF and Qatar to buy Turkish poultry firm Banvit in $470 mln venture

SAO PAULO, Jan 9 (Reuters) - Brazilian food processor BRF SA and Qatar’s sovereign wealth fund agreed to buy the operations of Turkish poultry producer Banvit in a joint venture, BRF said in a securities filing on Monday.

BRF said it would take a 60 percent stake in the venture and the Qatar Investment Authority will take 40 percent in a deal that calculates Banvit’s enterprise value at $470 million. The first phase of the deal involves acquiring 79.5 percent of Banvit, followed by a tender offer for the rest of the company. (Reporting by Paula Laier; Writing by Brad Haynes; Editing by Alistair Bell)

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