Campbell: sells Arnott's, other international brands to KKR
(CercleFinance.com) - Campbell has agreed to sell its Australian biscuit brand Arnott's, as well as other international businesses, to US private equity firm KKR for 2.
2 billion dollars, to focus on its core North American market and reduce debt.
The US-based maker of snacks, soups and simple meals announced the deal on Friday, months after it said it would divest its international division.
The brands to be sold include simple meals businesses in Australia, Malaysia, Hong Kong and Japan, along with manufacturing plants in Australia and Malaysia, Campbell said.
Combined with the recent sale of Kelsen to Italy's Ferrero, the sale of its entire international division has generated a total of 2.5 billion dollars.
Based in New York, KKR had 206 billion dollars in assets under management as of the end of June.
The deal is expected to close in the first half of fiscal 2020.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
2 billion dollars, to focus on its core North American market and reduce debt.
The US-based maker of snacks, soups and simple meals announced the deal on Friday, months after it said it would divest its international division.
The brands to be sold include simple meals businesses in Australia, Malaysia, Hong Kong and Japan, along with manufacturing plants in Australia and Malaysia, Campbell said.
Combined with the recent sale of Kelsen to Italy's Ferrero, the sale of its entire international division has generated a total of 2.5 billion dollars.
Based in New York, KKR had 206 billion dollars in assets under management as of the end of June.
The deal is expected to close in the first half of fiscal 2020.
Copyright (c) 2019 CercleFinance.com. All rights reserved.