The move will reinforce the companies' continuing commitment to pay the highest possible milk price to their milk producers through continuing innovation, efficiency and excellence.
Lakeland Dairies Co-operative Societies, Ireland, acquired the Fane Valley Dairies, also based in Ireland, effective May 1.
This simplified deal structure is considered to be a better option than the originally proposed strategic joint ventures announced in August 2015, which would have involved both the dairy and agri-business interests of the respective businesses.