US-based chicken processor Pilgrims Pride has completed the acquisition of GNP Company, a premium branded poultry product distributor in the Upper Midwest.

Pilgrims Pride is reported to have paid $350m for this acquisition, which is an all-cash transaction.

"The transaction is completed after fulfilling after the regulatory review, approval and customary closing conditions."

Last November, Pilgrims Pride announced that it has entered a definitive agreement to acquire GNP Company and the decision was supported by its board of directors, as well as JBS, who owns a major stake in Pilgrims.

In its latest announcement, the company described that the transaction is completed after fulfilling after the regulatory review, approval and customary closing conditions.

GNP Company has approximately 400 family farm partners and more than 1,700 team members across the US, and has been distributing its products under the Just BARE and Goldn Plump brands.

On the other hand, Pilgrims Pride has a workforce of nearly 38,200 people employed at its chicken processing plants and prepared foods facilities in US, Mexico Puerto Rico and Mexico. The company primarily distributes its through retailers and foodservice distributors.