Under the deal, Saputo Inc. will gain two US manufacturing facilities in Las Cruces, New Mexico, and Dresser, Wisconsin.
Saputo will also gain around 170 new employees from the agreement.
F&A Dairy manufactures a range of cheeses for the US and Mexico markets and during the last fiscal year the firm generated US$163mn in revenue.
Montreal-based Saputo Inc. said that the acquisition will complement its cheese division in the US.
Saputo is one of the top ten dairy processors in the world, standing as the largest cheese manufacturer in Canada, the top dairy processor in Australia and the second largest in Australia.
The Canadian firm has made notable efforts to expand its global portfolio.
In the past year, the firm has acquired Southeast Milk in Florida, Montchevre-Betin in Wisconsin, Murray Goulburn in Australia and Shepherd Gourmet Dairy in Ontario.