JBS SA, the embattled Brazilian meat company whose former chairman was arrested over the weekend, agreed to sell U.K. poultry producer Moy Park to another subsidiary for about 790 million pounds ($1.04 billion).

The deal will achieve about $50 million in annual cost savings over the next two years, according to a statement from the acquirer, Pilgrim’s Pride Corp (Nasdaq: PPC). The second-largest U.S. chicken producer will finance the takeover using cash on hand, existing credit facilities and a seller financing note issued to JBS, which Pilgrim’s said it intends to replace with permanent financing.

Joesley and Wesley Batista, the scandal-hit Brazilian brothers whose family controls JBS, have been shedding assets to help pay for legal settlements after they confessed to graft and other crimes that allowed them to carry out a massive acquisition spree in Latin America, the U.S. and elsewhere. JBS and its holding company, J&F Investimentos SA, agreed to sell dairy producer Vigor Alimentos SA to Mexico’s Grupo Lala SAB in a deal worth 5.73 billion reais ($1.86 billion). J&F also agreed a week ago to sell pulpmaker Eldorado Brasil Celulose SA to Paper Excellence NV for 15 billion reais.

Joesley Batista turned himself into police, J&F confirmed Sunday, following a Supreme Court order. A Brazilian had earlier issued an arrest warrant and temporarily suspended the immunity granted in a plea-bargain agreement signed by the businessman with Brazilian authorities in May.

Pilgrim’s said the enterprise value of the Moy Park deal is about $1.3 billion. JBS bought the U.K. business in 2015 for about $1.5 billion including debt. JBS holds 79 percent of Pilgrim’s Pride shares, according to data compiled by Bloomberg. Moy Park, which is based in Craigavon, Northern Ireland, has more than 800 farmers across the U.K. and processes more than 5.7 million birds a week.

Barclays plc was Pilgrim’s financial adviser on the deal. Evercore Inc. (NYSE: EVR) was adviser to the special committee of the Pilgrim’s board of directors formed to negotiate the takeover. Paul, Weiss Rifkind Wharton & Garrison LLP was Pilgrim’s legal adviser.

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