The acquisition of poultry processor Moy Park by Brazilian company Marfrig Group has been formally completed following regulatory approval by the European Union.

The acquisition, which was agreed in June, sees Marfrig take control of Moy Park from parent company OSI Group. Under the terms of the deal, OSI becomes a major shareholder in the £1.2bn Marfrig Group.

“The transaction we announce today gives Moy Park in the future the opportunity to achieve greater scale and competitive edge in an increasingly global marketplace,” said Marfig founder and president Marcos Antonio Molina dos Santos.

Despite its global focus, Marfrig was quick to reassure Moy Park’s 500 farmers of its strong commitment to local farming and primary production.

“We look forward to working with all the people in Moy Park to continue to build a strong, EU based food business,” added dos Santos.

Northern Ireland-based Moy Park has annual sales of around £700m across operations in Northern Ireland, England, France and the Netherlands.