Charoen Pokphand Foods Pcl., a Thai agro-industrial and food company, is planning to pay C$498 million ($373 million) to buy Canadian pork producer HyLife.

As part of the move, Charoen Pokphand Foods will hold a 50.1 percent stake in HyLife while Itochu Corp, HyLife's Japanese partner, will hold the remainder.

With the investment, Charoen Pokphand Foods will get an opportunity to expand in North America and premium markets such as Japan and also access the pork production base.

The transaction is expected to boost Charoen Pokphand Foods' product portfolio of cooked pork products for the Chinese market and expand its presence in the U.S.