LONDON, June 18 (Reuters Breakingviews) - Brexit could be driving M&A after all. Kerry Group(KYGa.I) said on Friday it would sell its consumer foods' meats and prepared meals business in the UK and Ireland to Pilgrim's Pride (PPC.O), 80% owned by Brazilian meat giant JBS (JBSS3.SA), for 819 million euros in cash. That allows the Irish group focus on higher margin flavourings and ingredients . Its shares rose 4%.

Ingesting the business, the rump of which is in the UK, could be a political punt. The 8.5 times expected 2021 EBITDA valuation for the maker of Richmond and Denny sausages looks pricey compared to Pilgrims itself, which trades at 6 times, according to Refinitiv. But a trade deal that enabled JBS to flood Britain with cheap meat could increase EBITDA. Australia this week set a precedent with zero tariff and zero quota access for agricultural exporters read more . British farmers will be getting nervous. (By Dasha Afanasieva)