Allens has advised Singapore Exchange-listed QAF Limited on the sale of its Australian primary production business to a wholly-owned subsidiary of JBS S.A. for an enterprise value of $175 million.
The sale includes 100 per cent of Rivalea Holdings Pty Ltd and 100 per cent of Oxdale Dairy Enterprise Pty Ltd, the combined group being an integrated pork producer in Australia with feed mills, pig genetics, pig breeding, grower farmers and pork processing plants.
Allens advised on all aspects of the sale, including anticipated regulatory approvals.
‘We are pleased to have continued our longstanding relationship with QAF and its Australian businesses Rivalea and Oxdale to advise on this important strategic sale,’ said lead Partner Mark Malinas.
The transaction is another example of strategic owners focusing on their core assets and, in this case, closer to their home jurisdiction.
‘The M&A market in Australia is running red hot, with auctions being competitively run. Business simplification is a theme we are seeing across the market.
‘Carve-outs and divestments of non-core assets is a key theme emerging, which is contributing to a host of assets being made available to investors,’ Mark said.