Marfrig Global Foods has obtained all the approvals to complete the acquisition of 51 percent of National Beef Packing Co

Brazil's Marfrig Global Foods has obtained all the necessary approvals to complete the acquisition of 51 percent of National Beef Packing Co., becoming the world's second largest beef processor, the company announced in a statement early Wednesday.The $969 million transaction, financed by Rabobank, was first announced in April when it was pending regulatory approvals.Marfrig estimated in April that its revenue would reach BRL43 billion ($13 billion), and total cattle slaughter capacity would hit 8.3 million head per year with the combined operations. Marfrig will also have access to the Japanese and South Korean markets, which are currently closed to Brazilian beef.The completion of the transaction occurred within the timeline estimated by Marfrig CEO Martin Secco in April, when he said the company would finalize the acquisition in the first half of this year. The company didn't give updates on the process to sell Keystone, which was also expected to be completed by the end of this month.