Would you like chicken or beef with that?

No, it's not a wedding, but a union of another kind.

Big chicken producer

Tyson Foods

(TSN) - Get Tyson Foods, Inc. Class A Report

announced this morning that is has agreed to buy beef producer


(IBP) - Get Installed Building Products, Inc. Report

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for about $3.2 billion in cash and stock, broadening Tyson's food business.

The deal, which also calls for Tyson to assume about $1.5 billion in IBP debt, comes as a bit of a surprise. It had been rumored that IBP would be purchased by either

DLJ Merchant Banking

or pork producer

Smithfield Foods



During the first full year of the deal, Tyson said IBP will add to its net income by 15% and to its cash earnings by 20%.