Agri-business company ABP said it has agreed a deal in principle with Fane Valley Co-op to buy the remaining 50% holding in its red meat business for an undisclosed sum.
The deal includes Linden Foods in Northern Ireland and Slaney Foods and Irish Country Meats businesses in the Republic of Ireland.
These businesses operated as an ABP/Fane Valley joint venture for the last five years.
ABP said the businesses will continue to operate under their respective trading names for the foreseeable future and the sites will continue to operate as normal.
The deal is still subject to approval by the relevant regulatory and competition authorities.
Linden Foods is a fresh meat processor with facilities in Dungannon in Northern Ireland and in Burradon in England as well as Kettyle Irish Foods in Fermanagh.
Slaney Foods includes the Slaney Foods beef business and sheep meat specialist ICM. The company has three processing facilities in Ireland, in Wexford and in Meath.
Frank Stephenson, chief executive of ABP, said the new deal will ensure that the company continues to be a dynamic and innovative organisation as it faces into the challenges of operating in a very competitive global marketplace.
It will also address the ongoing challenges of changing agricultural policies, Brexit and Covid-19, he added.
Trevor Lockhart, chief executive of Fane Valley, said that the Linden, Slaney and ICM businesses have progressed positively during the joint venture relationship with ABP.
"The trading environment however does not stand still, and all businesses need to continue to evolve and develop to maintain their competitive position in the market," Mr Lockhart said.
"Having reviewed the way forward with our JV partner and taking account of anticipated market developments we have jointly concluded that the future objectives for Linden, Slaney and ICM can be best achieved under a new business structure," he added.
However, the Irish Farmers' Association President, Tim Cullinan, said the full takeover of Slaney Meats and ICM by ABP is a further erosion of competition in the processing sector.
"This consolidation of the buying power for livestock in the hands of a few has to be addressed by the Minister for Agriculture Charlie McConalogue and the Consumer Protection and Competition Commission (CPCC)," he said.
