(Adds quotes from BRF executive)
SAO PAULO Jan 9 Brazilian food processor BRF SA
and Qatar's sovereign wealth fund agreed to buy the
operations of Turkish poultry producer Banvit in a
joint venture, BRF said in a securities filing on Monday.
BRF said it would take a 60 percent stake in the venture and
the Qatar Investment Authority will take 40 percent in a deal
that calculates Banvit's enterprise value at $470 million.
"It's a valuation we consider attractive," BRF Vice
President for Finance and Investor Relations Alexandre Borges,
said in an interview.
The deal is part of BRF's move into the halal market, with
Banvit being integrated into OneFoods, a BRF subsidiary
dedicated to halal food that began operations last week.
The first phase of the deal involves acquiring 79.5 percent
of Turkish market leader Banvit, followed by a tender offer for
the rest of the company.
"We can use our own cash, we've got the cash for that, or we
could use a different alternative," Borges said, explaining that
the money could be raised through OneFoods.
(Reporting by Paula Laier, writing by Brad Haynes; editing by
Alistair Bell and Grant McCool)