U.S.-based meat packer Iowa Premium has been acquired by beef processor National Beef in a $150 million deal to further expand its operations in North America.

Marfrig, which purchased a 51 percent stake in National Beef for $969 million last year, expects to invest $76.5 million in the move.

Following the closure of the deal, shares in Iowa Premium will be incorporated into the capital of National Beef.

Furthermore, National Beef also inked a long-term supply agreement with U.S.-based wholesaler Sysco.