Rabobank and BBVA are advising the company as it assesses its options.
The company is also expanding its Beyond Immerse drinks through a new distribution deal in New York.
JBS will contribute its existing Australia and New Zealand operations to the venture.
The disposal follows losses at Dalco as Hilton Foods refocuses investment on its core meat and fresh prepared food operations.
Beef volumes fell 15.9% in the third quarter as limited cattle supplies continued to push up costs.