July 24, 2019 / 12:23 AM / 4 months ago

KKR buys Campbell's international business for $2 bln - AFR

SYDNEY, July 24 (Reuters) - KKR & Co has agreed to purchase the international business of food company Campbell Soup Co for $2.2 billion, including its popular biscuits brand Tim-Tams, the Australian Financial Review reported on Wednesday.

The U.S. private equity firm was told it had won an auction for the business overnight, beating Australian rival Pacific Equity Partners, the newspaper said, citing anonymous sources.

Representatives for KKR and PEP did not immediately return requests for comment.

A Campbell Soup spokeswoman said the U.S. company’s Australian unit, Arnott’s, had not been sold.

“The process to divest Arnott’s and the rest of our international operations is ongoing. We do not comment on rumor and speculation,” she told Reuters by phone.

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.

Earlier this month, it sold its Danish unit Kelsen Group to an affiliate of Nutella maker Ferrero SpA for $300 million. (Reporting by Paulina Duran; Editing by Stephen Coates)

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