A joint venture between agribusinesses Cargill and Continental Grain Co. have forged a deal to purchase poultry producer Sanderson Farms for a total equity value of $4.53 billion, the parties announced in a release Monday. 

Following the transaction, the JV will merge Sanderson Farms with Continental’s poultry subsidiary, Wayne Farms. The combined businesses will be operated as a privately held poultry business.

Cargill said the acquisitions positions the companies to generate organic growth and capitalize on major consumer trends around health, sustainability, and versatility of chicken products.

Click further to view some other developments in the food and beverage industry that captured headlines over the last week.