Brazil's M. Dias Branco agrees to buy rival Piraqu+¬

SAO PAULO, Jan 29 (Reuters) - Brazilian food processor M. Dias Branco SA Indústria e Comércio de Alimentos has agreed to fully purchase rival Indústria de Produtos Alimentícios Piraquê SA, according to a securities filing on Monday.

The transaction, which values Piraquê at 1.55 billion reais ($491 million), is aimed at accelerating growth in southern and southeastern Brazil, M. Dias Branco said. Piraquê booked net revenue of 717 million reais in the twelve months through September 2017, the filing added.

($1 = 3.16 reais) (Reporting by Bruno Federowski; Editing by Chris Reese)