The US Department of Justice has terminated its investigation into JBS' acquisition of Pilgrim's Pride, allowing the transaction to proceed, according to JBS SA.

Under the agreement, JBS USA will purchase 64 percent of Pilgrim's Pride stock for US$800 million in cash. The transaction represents an enterprise value of US$2.8 billion. 

The conclusion of the acquisition is subject to the final approval of the reorganisation plan by the Bankruptcy Court, which is expected to take place before the end of the year. 

JBS SA is currently the world's largest beef producer and exporter with a daily harvesting capacity of 73,900 head of cattle. The company operates about 65 plants worldwide.

Pilgrim's Pride Corporation operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The company's primary distribution is through retailers and foodservice distributors.