Smithfield Foods, Inc. entered into a definitive agreement to acquire Clougherty Packing, LLC, PFFJ, LLC and Champ, LLC from Hormel Foods Corporation (NYSE:HRL) for approximately $150 million on November 21, 2016. The consideration is subject to certain post-closing working capital adjustments. Post-acquisition, target companies will become indirect wholly-owned subsidiaries of WH Group Limited. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals and is expected to be close before the end of 2016. Hunton & Williams LLP acted as legal advisor to Smithfield Foods, Inc. Piper Jaffray acted as financial advisor to Hormel Foods Corporation. Faegre Baker Daniels LLP acted as legal advisor to Clougherty Packing, LLC. Smithfield Foods, Inc. completed the acquisition of Clougherty Packing, LLC, PFFJ, LLC and Champ, LLC from Hormel Foods Corporation (NYSE:HRL) on January 3, 2017.