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Bond Market News
Marfrig Finalizes Acquisition of BRF
May 16, 2025
Marfrig, a Brazilian beef processing company, announced plans to finalize its acquisition of poultry and pork processor BRF, forming a new entity named MBRF. Marfrig already holds a 50.49% stake in BRF and will acquire the remaining shares through a share swap, offering 0.8521 Marfrig shares for each BRF share. The merger aims to enhance its competitiveness against industry giant JBS. The combined company will also include US-based National Beef, expanding its global presence. The companies expect to generate BRL 805mn ($142mn) in annual synergies, with up to BRL 500mn ($88mn) anticipated in the first year. Shareholders are scheduled to vote on the proposal on June 18. Executives have indicated that MBRF may later move its fiscal base and pursue a stock listing in New York. The merger is projected to boost both companies’ global market presence, with combined net sales of BRL 152bn ($26.75bn), of which 38% comes from high-value processed foods. Following the announcement, shares of both Marfrig and BRF saw notable gains in yesterday’s trading session.
Marfrig’s dollar bonds were trading with a positive bias – its 3.95% 2031s were up 0.5 points to trade at 88.5, yielding 6.4%
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