Hicks, Muse, Tate & Furst and Booth Creek Management of the US plan to acquire ConAgra Meats in a deal valued at about $1.4 billion (£1.5bn).
Dallas-based Hicks, Muse announced the definitive agreement earlier this week.
ConAgra Meats is the fresh beef and pork processing business of ConAgra Foods. Hicks, Muse and Booth Creek, based in Vail, Colorado, plan to rename ConAgra Meats as Swift, recognising one of ConAgra Meats' premier brand names.
"This is an attractive opportunity to acquire leading positions in both the beef and pork processing industries, to partner with ConAgra Foods - which acquired International Home Foods from us in a $2.9 billion transaction two years ago - and to team up with Booth Creek Management, an experienced operator in the meatpacking and value-added processing industry," said John R. Muse, a partner in Hicks, Muse.
The transaction is expected to be completed in August.
In addition to ConAgra Meats' United States operation, Hicks, Muse and Booth Creek will acquire the company's Australia Meat Holdings unit and its US cattle feeding operations. ConAgra is the third largest processor of beef and pork in the US and the Australian unit is the largest beef processor in Australia.
Hicks, Muse will control Swift while Booth Creek, an investor in meat packing and processing operations, will provide support and hold a minority stake. ConAgra Foods will also retain a significant minority stake in the acquired operations.
John Simons, president of ConAgra Meats, will be named chief executive of Swift.