After weeks of corporate vetting, Chiquita, the world's largest banana distributor, agreed to be sold to two Brazilian companies for approximately $681 million.

On Monday, Chiquita Brands International announced that it will be acquired by the Safra Group investment firm and the fruit juice company Cutrale Group. Each company will pay $14.50 per share for the buyout.

Once the transaction is complete, Chiquita will become a subsidiary of the Cutrale-Safra Group, which currently owns over a third of the $5 billion orange juice market. It also sells oranges, apples and lemons.

"It has impressive brand loyalty and recognition through its Chiquita and Fresh Express brands, providing the company with a strong competitive edge in the growing worldwide demand for high-quality fresh fruits and salads," the acquirers said in a statement, Bloomberg News reports.

The move comes just days after Chiquita Brands International's shareholders rejected plans to merge with Fyffes, a major banana importer based in Ireland.

"This transaction demonstrates our board's commitment to maximizing shareholder value and underscores the significant progress Chiquita has achieved over the past couple of years in our financial and operational performance," said Ed Lonergan, Chiquita's CEO, in a statement, according to USA Today.

Since it was established in 1870, Chiquita has become a globally recognized banana kingpin that sells fresh produce under the Chiquita and Fresh Express. It is estimated to earn $3 billion a year, reports The Associated Press.

Analysts say that the deal is a smart move for Chiquita.

"As consumers continue to eat more healthy foods and expand the amount of fruits and vegetables they eat, the opportunity to expand the offerings under these brand names is significant," says Greg Wank, chairman of Food & Beverage Services Group at Anchin, Block & Anchin.

Moving forward, the U.S.-based banana producer is expected to go private by either the end of 2014 or the beginning of 2015.

Earlier this year, it was reported that Chiquita was lobbying Congress to block a 9/11 victim's bill that would make it easier to sue organizations that sponsor terrorist groups.

According to a report exclusively published by The Daily Beast, for years the banana company paid off Colombian organizations classified by the United States as terrorist groups. As a result, it has spent $780,000 over the past year and a half to lobby against the Justice Against Sponsors of Terrorism Act (JASTA), legislation sponsored by families of 9/11 victims seeking to impose civil liabilities on people that aided and abetted terrorist groups in other countries.