CEO C. Larry Pope, who will remain at Smithfield post-deal, called the sale to Shuanghui "a great transaction for all Smithfield stakeholders as well as for American farmers and U.S. agriculture." Pope said he does not anticipate any changes to the business post-deal, noting that Smithfield will be a wholly owned independent subsidiary of Shuanghui. The Chinese buyers have pledged to honor collective bargaining agreements in place and not to close any Smithfield facilities or locations.The deal will be financed through a combination of cash provided by Shuanghui and rollover of existing Smithfield debt, as well as debt financing committed by Morgan Stanley Senior Funding Inc. and a syndicate of banks. The deal is expected to close in the second half of 2013, subject to shareholder and regulatory approval.