ConAgra sells majority of Meats division in $1.4B deal

GREELEY — ConAgra Foods Inc. (NYSE: CAG) has sold majority interest in its Greeley-based fresh beef, pork and lamb processing business in an estimated $1.4 billion deal. A joint venture between Dallas-based Hicks, Muse, Tate & Furst Inc. and Booth Creek Management Inc. of Vail plans to purchase 54 percent of the new independent company, while ConAgra will maintain a minority interest of 46 percent. The transaction also includes ConAgra’s beef-processing operations in Brisbane, Australia.

Scheduled to close in August, the transaction provides that ConAgra will receive about $800 million in cash, and $150 million in equity interest. The joint venture…