Ireland’s ABP Food Group has reached an agreement with Fane Valley Co-op to acquire the remaining 50% stake in its red meat business.

The deal covers Linden Foods in Northern Ireland and Slaney Foods and Irish Country Meats businesses in the Republic of Ireland.

ABP Food Group first acquired a 50% stake in Linden Foods in June 2017. Since then, the businesses that are part of the deal have been operating under a joint venture (JV) comprising ABP/Fane Valley.

ABP chief executive Frank Stephenson said: “This development is the direct result of our successful joint venture arrangement, which has enabled all parties to improve their offerings to customers and to compete more effectively nationally and internationally.”

ABP Food said that the three businesses will continue to operate with their existing trading names and the sites will continue to operate as normal.

Financial details of the transaction have not been disclosed by the companies.

Completion of the deal is subject to approval by the relevant regulatory and competition authorities.

Fane Valley chief executive Trevor Lockhart said: “The Linden, Slaney and ICM businesses have progressed positively during our 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.

“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, hence the aforementioned announcement. Business will continue as normal pending regulatory approval.”