Smithfield Foods

(SFD)

and Oaktree Capital Management completed their acquisition of the European meats business of

Sara Lee

(SLE)

.

Their Groupe Smithfield joint venture paid an amount of $575 million, plus the assumption of pension-related liabilities upto an amount of $39 million.

Sara Lee's European meats business had sales of $1.1 billion in fiscal 2005, spread over France, Portugal and the Benelux region. The company also has a presence in Germany, Italy and the United Kingdom.

Smithfield contributed its Jean Caby operations to the joint venture group. Jean Caby had sales of $372 million in fiscal 2006 and is a major producer of branded and private label processed meats to retail and foodservice customers in France and other European countries.

This story was created through a joint venture between TheStreet.com and IRIS.