Bunge Ltd. agreed to sell its margarine and mayonnaise businesses in Brazil to Seara Alimentos SA, a unit of Brazilian packaged foods and meats producer JBS SA.

The deal, announced Dec. 20, includes three production plants of the food company, in Gaspar, São Paulo and Suape, and several brands, including Delícia, Primor and Gradina. The JBS unit will pay 700 million reais for the acquisition of the assets.

The transaction is subject to the approval of the Brazilian Administrative Council for Economic Defense, among other conditions.

The two companies also negotiated supply, toll manufacturing and brand license agreements as part of the deal.

As of Dec. 20, US$1 was equivalent to 4.08 Brazilian reais.