NEW YORK (AP) — Leucadia National Corp. is acquiring a majority stake in National Beef Packing Company LLC for $867.9 million in cash.
National Beef, based in Kansas City, Mo., is one of the largest beef processing companies in the United States. It makes box beef, ground beef, hides and other products that are sold to retailers, food service providers, distributors, the U.S. military and others.
Leucadia is buying 78.95 percent of National Beef. The current owners of National Beef — U.S. Premium Beef LLC, NBPCo Holdings LLC and Timothy Klein, National Beef's CEO — will continue as minority owners.
The deal is expected to be completed by year-end.
Leucadia, a holding company that works in manufacturing, gaming entertainment, real estate, medical product development and other industries, is based in New York. Shares of Leucadia rose 23 cents to close at $23.98.