Campbell’s finalizes $2.2B deal with KKR

Campbell Soup Co. has finalized the $2.2 billion sale of its Arnott’s Australia-based business and other international operations to KKR, it announced earlier this month.

With this cash deal complete, Camden-based Campbell has now sold off its entire international division, including the sale of Kelsen Group, for a total $2.5 billion.

That wraps up the food company’s planned divestitures that were first announced in August 2018. Since then, it has sold off its international business, as well as the Campbell Fresh division and the European Chips business.

The company plans to focus on two core North American units: Snacks, and Meals & Beverages.

It will continue to use the roughly $3 billion in net proceeds from the divestitures to pay down debt, it said.