Pilgrim’s Pride has agreed to acquire the meats and meals business of Kerry Consumer Foods in the UK and Ireland in a $939m (£680m) deal.

The transaction will add brands such as Denny, Richmond and Fridge Raiders to the portfolio of Pilgrim’s Pride.

Kerry Meats produces a wide range of meat snacks and food-to-go products in the UK and Ireland while Kerry Meals offers chilled and frozen ready meals business in the UK.

Kerry Consumer Foods CEO Nick Robinson said: “Pilgrim’s has agreed to acquire a leader in convenience foods solutions that sells into a wide breadth of channels and customers, a portfolio of innovative and market-leading brands, and a strong team of dedicated people.

“Our companies share a rich heritage in food production with aligned values that put people and customers at the heart of all we do.

The deal, which has been unanimously approved by Pilgrim’s board of directors, is expected to enhance the company’s prepared foods and branded products portfolio.

Pilgrim’s Pride CEO Fabio Sandri said: “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.

“The transaction enhances our value-added portfolio by adding market-leading brands such as Denny, Richmond and Fridge Raiders, which we expect to deliver a higher and more stable margin profile.”

The deal is subject to regulatory approvals and expected to close in Q4 2021.