NEW YORK – Jeffries Financial Group announced in a statement on Nov. 17 that it entered into an agreement to sell its remaining 31 percent interest in National Beef Packing Co. LLC to Brazilian meat company Marfrig Global Foods S.A. 

The purchase would raise Marfrig’s ownership to 81.7 percent of National Beef. When the agreement is completed, Marfrig will pay Jeffries Financial Group $860 million and $110 million from final distributions from National Beef. Closing for the deal is expected by Nov. 30.

In June 2018, Marfrig acquired 51 percent of National Beef Packing. The deal made Marfrig the world’s second-largest beef processor with combined sales of $13 billion. In the original agreement, Jeffries said it would not sell its remaining shares for five years.

During May 2019, it was reported that BRF S.A. and Marfrig were open to a potential merger which did not materialize.

In December 2018, Marfrig acquired majority shares of Argentina-based Quick Food S.A. which was owned by BRF for $60 million. Marfrig also agreed to acquire real estate and equipment from a BRF unit located in Várzea Grande in the Brazilian state of Mato Grosso for 100 million Brazilian reais.