The New Zealand government has given regulatory approval to China’s Shanghai Maling for its acquisition of a 50 percent stake in Silver Fern Farms, the country’s largest meat processor for NZ$261 million (US$191 million).

“The Overseas Investment Office recommended that we approve Shanghai Maling’s application because it meets the criteria set down in the Overseas Investment Act 2005,” said New Zealand’s Minister for Land Information, Louise Upston. “We are satisfied that the investment will be of substantial and identifiable benefit to New Zealand, which is the test set out in the Act.”

Originally announced in September 2015, the transaction was just one in a string of overseas deals initiated by Chinese food companies as they maneuver to gain reliable sources of high quality meat, dairy, and other protein products to meet demand from the country’s growing middle class.

At the time, Shanghai Maling stated that the acquisition will nearly triple its revenues over 2014 levels, with revenues estimated to reach as high as 30 billion yuan (US$4.71 billion) and would create the a company that has the potential to become the largest consolidated lamb and beef industrial group in China.

For farmer-owned cooperative, Silver Fern Farms, which controls approximately 27% of New Zealand’s, beef and sheep meat export market, but has faced challenges in expanding its export reach, the deal gives the company access to Shanghai Maling’s substantial assets and China’s lucrative market.

“It’s the fastest growing protein market in the world so it’s going to bring significant benefit,” Rob Hewitt, chairman of Silver Fern Farms told Reuters – a sentiment that was echoed by New Zealand’s Finance Minister, Bill English who told Scoop, “The meat industry has struggled with capital, and China has become a big customer.”

The investment will also fund Silver Fern’s development of its brand and the realization of the company’s growth strategy.

“Shanghai Maling’s financial investment will make Silver Fern Farms the financially strongest company in the New Zealand meat industry with the ability to confidently invest in our business,” Hewett told Scoop Independent News. “The partnership will help us accelerate our consumer focused plate to pasture strategy globally, and to grow sustainable value for our shareholders and farmer suppliers over time.”