McCain Foods, the world’s largest producer of frozen fries, his buying 70 per cent of Brazilian firm Serya.
Financial terms of the deal have not yet been revealed.
The remaining shares of Serya are held by Brazilian cheese-bread maker Forno de Minas, in which McCain holds 40 per cent ownership.
It bought into the company in March of last year.
Reuters said it has learned that McCain’s head office in New Brunswick sent $15 million to its Brazilian subsidiary to help with the deal.