Leucadia National to acquire stake in National Beef
Dec. 6, 2011
KANSAS CITY, MO. — Leucadia National Corp. has entered an agreement to acquire about 79% of the outstanding ownership interests in National Beef Packing Co. for $1.3 billion.
“This transaction will enable us to address the liquidity desires of U.S. Premium Beef’s diverse producer ownership base while maintaining our highly successful cattle supply system and a sizable investment in beef processing,” said Steve Hunt, chief executive officer of U.S. Premium Beef. “Leucadia is a diversified holding company engaged in a variety of businesses. Its broad and deep experience will enhance our partnership. Our goals for the future of National Beef are aligned, and we look forward to a long and successful partnership.”
The transaction is expected to close by the end of the month. U.S. Premium Beef, L.L.C. is a producer-owned beef company. Its integrated cattle supply system serves as the foundation for National Beef’s product lines.