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Smithfield Foods to Sell Smithfield Beef Group to JBS S.A. for $565 Million Client News Mergers & AcquisitionsTax Share this See Also Mergers & AcquisitionsTax Share this As reported by The Daily Deal, Smithfield Foods, Inc. announced that it signed an agreement to sell Smithfield Beef Group, Inc., its beef processing and cattle feeding operation, to JBS S.A. for $565 million in cash. The deal includes the sale of Five Rivers Ranch Cattle Feeding LLC, which Paul, Weiss client Continental Grain Company (CGC) holds in a 50/50 joint venture with Smithfield Beef, but does not include the live cattle owned by Five Rivers which will be transferred to a new CGC-Smithfield 50/50 joint venture prior to closing. Five Rivers is the largest cattle feedlot operation in the United States. Immediately before the closing of the JBS transaction, CGC will sell its 50 percent interest in Five Rivers to Smithfield for 2.167 million shares of Smithfield common stock.  The Paul, Weiss team representing Continental Grain Company on the transaction includes corporate partners Bruce Gutenplan and Bob Schumer, counsel Scott Grader and tax partner Rick Bronstein. March 5, 2008