Biodiesel maker Renewable Energy Group Inc. (REG) has acquired synthetic biodiesel maker Syntroleum Corp., whose key asset is a joint venture with Tyson Foods Inc. to develop renewable diesel from chicken fat and other waste products.

The Ames, Iowa-based REGI said in a news release that Syntroleum, with Tulsa, Okla., headquarters, will receive 3.78 million shares of REG common stock in a deal that could be worth $49 million.

Syntroleum owns 50 percent of Dynamic Fuels LLC, a 75-million gallon renewable diesel production facility in Geismar, La., using waste as a feedstock. Dynamic Fuels is a joint venture between Tyson and Syntroleum.

“Combining Syntroleum’s renewable and synthetic fuel technologies with REG’s expertise in biodiesel production, sales, marketing and logistics should be a positive outcome for investors in both companies,” said Daniel Oh, REG president and CEO.