Meat processor ABP Food Group, controlled by Larry Goodman, has sold its Silvercrest plant to Kepak Group, having decided to exit the frozen burger sector.
The Silvercrest Foods plant in Ballybay, Co Monaghan was at the centre of the horse meat scandal which enveloped Europe's meat industry earlier this year.
The sale involves the transfer of 122 staff currently employed at Silvercrest, ABP said in a statement.
"ABP Food Group was only one of a large number of leading European operations affected by the equine issue," it said.
"The issue affected frozen burgers which are not core to the group's future business strategy."
Minister for Agriculture Simon Coveney welcomed the sale which remains subject to Competition Authority approval.
He said the move was “ good news” for the companies concerned and for the Irish food industry generally.
“This is also very good news for the employees at the Silvercrest plant and local economy at Ballybay, Co Monaghan,” he added.