Pilgrim''s to Expand Prepared Foods and Branded Products Platform by Acquiring Kerry Consumer Foods'' Meats and Meals Business £680M acquisition will increase Pilgrim''s portfolio diversity Company to host a conference call today at 5 p.m. ET GREELEY, Colo., June 17, 2021 (GLOBE NEWSWIRE) -- Pilgrim''s Pride Corporation (NASDAQ: PPC ) ("Pilgrim''s" or the "Company") today announced that it has executed an acquisition agreement to acquire the Meats and Meals business (the "Acquisition") of Kerry Consumer Foods in the United Kingdom and Ireland. Following the Acquisition, Pilgrim''s will be a leading food company, with a significant value-added protein and integrated prepared foods business anchored by a portfolio of strong brands. The Acquisition, which was unanimously approved by Pilgrim''s Board of Directors, values the acquired businesses at a £680 million (or approximately $952 million based on a 1.40 USD|GBP exchange rate as of June 16, 2021) enterprise value. The purchase amount represents an 8.5x multiple on implied expected standalone EBITDA for 2021. "We are pleased to have the opportunity to position Pilgrim''s as a leading prepared foods and branded products player through the acquisition of Kerry Consumer Foods'' Meats and Meals business," said Fabio Sandri, Pilgrim''s'' Chief Executive Officer.