RICHMOND, Va. — Chinese meat processor Shuanghui International Holdings has agreed to buy Smithfield Foods Inc. for $4.72 billion in a deal that will take the world’s biggest pork producer private.

Hong Kong-based Shuanghui owns global businesses that include food, logistics and flavoring products and is China’s largest meat processing enterprise. Smithfield owns brands such as Armour, Farmland and its namesake.

Shareholders of Smithfield will receive $34 per share under terms of the deal announced today — a 31 percent premium to the Smithfield, Va., company’s closing stock price of $25.97 on Tuesday.

Both companies’ boards have approved the deal, which still needs approval from Smithfield’s shareholders. The transaction may also be subject to review by the U.S.’s Committee on Foreign Investment.

Shuanghui has 13 facilities that produce more than 2.7 million tons of meat per year. Under the agreement, there will be no closures at Smithfield’s facilities and locations.

Smithfield has about 46,000 employees.