Chinese based meat processor Shuanghui International Holdings has signed off on the $4.7 billion purchase of U.S. company Smithfield Foods, the largest pork producer in the world.

Both companies’ boards have approved of the merger, with the deal now awaiting approval of shareholder and U.S. regulators.

China represents a huge market for pork, accounting for half of the world supply and consumption, with the acquisition of the U.S. company providing food products with a strong reputation in a domestic market that has suffered from safety concerns.

Shuanghui Chairman Wan Long, directly highlighted the benefits of acquiring a U.S. based company, in bringing: “access to high-quality, competitively priced and safe US products."

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