Campbell’s to sell Australian snacks business for $2.2B

By Emily Bader
Camden | Jul 24, 2019 at 11:44 am

Camden-based Campbell Soup Co. has agreed to sell its Australian snacks business Arnott’s, which includes the popular biscuit brand Tim-Tams, to KKR for $2.2 billion, according to multiple published reports.

Reuters said that the Australian Financial Review reported earlier that KKR, a New York-based private equity firm, agreed to the $2.2 billion purchase price, less than the more than $3 billion Campbell reportedly wanted for it.

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

A Campbell spokespersons declined to comment on the reports but said the Arnott’s unit has yet to be 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 said to Reuters.

Last month, Campbell’s finalized the divestiture of its “fresh” division, which concluded with the $510 million sale of Bolthouse Farms. Earlier this month, Campbell’s sold its Danish snack unit Kelsen Group to Ferrero for $300 million.