KKR announced on Wednesday, July 24, it had agreed to purchase the international business of food company Campbell Soup, including its popular biscuits (cookie) brand Tim-Tams.
The Australian Financial Review newspaper reported the US private equity firm had agreed to pay US$2.2 billion for the business, citing anonymous sources. A Campbell spokeswoman in Australia declined to comment on the price.
“I can confirm that KKR’s offer for Arnott’s was accepted by Campbell’s late last night,” a KKR spokeswoman wrote in an emailed statement.
The AFR newspaper reported that KKR had been told it had won an auction for the business overnight, beating Australian rival Pacific Equity Partners.
Campbell’s international unit, along with its “fresh” business, was put up for sale in August last year after the company was pressured by investors to improve profitability and stock performance.
Full Content: Financial Review
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