JBS Canada, a subsidiary of a Brazil-based company, will take over ownership of the southern Alberta XL Foods meat processing plant in Brooks on Monday.
JBS took over management of the plant from its previous owners in October when it reopened after being shutdown because of an E. coli outbreak linked to the Brooks plant.
It was the largest beef recall in Canada.
"After several months of careful consideration of the option … we have determined that the Canadian operations will serve as an important asset to our strategic global beef production model," said Bill Rupp, president of JBS USA in a written statement.
The company’s also states that JBS will not assume any of XL Foods’ debt or liabilities as part of the purchase.
The Alberta government granted JBS an exemption from foreign ownership rules in December 2012.
The Brooks plant has the capacity to process more than 4,000 heads of cattle per day and it employs more than 2,000 people.
The deal also gives JBS the option to purchase XL Foods' operations in the United States, but the company is waiting for American regulatory approval before it proceeds.