The assets in Brazil, Argentina, Uruguay and Chile will increase the company's slaughtering capacity by 44%, Minerva said in a statement.
The deal comes at a time when Minerva is outperforming its more diversified competitors, including Marfrig and JBS SA, which have been hit by a number of issues including high grain prices and a glut of chicken and pork.
Minerva, headquartered in São Paulo, has also benefited from a surge in South American cattle supplies as the US grapples with the tightest stocks in nearly a decade.
Marfrig, controlled by its founder Marcos Molina, is looking to streamline its operations after acquiring a majority stake in chicken meat and food processing giant BRF SA two years ago. The deal with Minerva is in line with its strategy of "focusing on branded beef and higher value-added products."
According to the company's presentation, the deal will reduce the number of Marfrig slaughter plants in South America to four from 17, with regional revenues down 43% to R$15.8 billion.