Pilgrim’s Pride Corp. said Monday it has bought poultry and prepared foods supplier Northern Ireland-based Moy Park in a deal valued at $1.3 billion. Pilgrim’s expects to achieve about $50 million in synergies a year over the next two years from the acquisition, and believes the merger will immediately add to earnings. The deal was funded by a combination of cash, the use of existing credit facilities and debt. Pilgrim’s stock has soared 20% over the past three months, while the S&P 500 has gained 1.2%.
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