KKR Agrees to Buy Campbell Soup’s International Business

According to a report in the Australian Financial Review newspaper, KKR has agreed to acquire Campbell Soup’s international business which includes the biscuits brand Tim-Tams.

The newspaper cited unidentified sources and said that KKR, a private equity firm in the U.S., has agreed to pay $2.2 billion to buy the business.

A spokeswoman for Campbell in Australia declined to comment on the price however a spokeswoman for KKR confirmed the deal.

“I can confirm that KKR’s offer for Arnott’s was accepted by Campbell’s late last night,” a KKR spokeswoman stated.

According to the AFR newspaper, KKR had won the auction overnight and beat out rival Pacific Equity Partners.

A spokeswoman for Campbell’s Australian unit commnted to Reuters, “The process to divest Arnott’s and the rest of our international operations is ongoing. We do not comment on rumor and speculation.”

Earlier this month Campbell sold its Danish unit Kelsen Group to an affiliate of Nutella maker Ferrero SpA for $300 million.

Disclaimer: We have no position in Campbell Soup Company (NYSE: CPB) and have not been compensated for this article.