Brazil's JBS is planning to acquire Pilgrim's Pride for about $2.5 billion, The Wall Street Journal reports. The beef major will pay $1.2 billion in secured debt and about $1 billion in unsecured debt, while the remaining will be paid by the shareholders.

The deal will help chicken producer Pilgrim's Pride to exit bankruptcy. The bankruptcy filing did not include the company's operations in Mexico and certain operations in the U.S., adds RTT News.

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