Camden-based Campbell Soup Co. made the $2.2 billion sale of an international business portfolio official Friday, announcing a definitive agreement had been signed with global investment firm KKR.
The deal, which had been widely reported late last month, will see KKR pay $2.2 billion in cash for the Australia-based Arnott’s unit, along with other international operations.
This transaction goes hand-in-hand with the sale of Kelsen Group, resulting in Campbell’s divestiture of its entire International division for a total price of $2.5 billion.
“This was a thorough and complex process in which we considered many options,” Campbell’s CEO and President Mark Clouse said in a prepared statement. “Our approach has resulted in agreements that we believe generate the greatest value from our international assets. By applying almost $3 billion of divestiture net proceeds to reduce debt, Campbell’s balance sheet will be stronger and capable of supporting our plan to grow our focused and differentiated portfolio.”
Both international deals are expected to close in the first half of fiscal 2020.
Campbell was advised by Centerview Partners, Goldman Sachs, Weil, Gotshal & Manges LLP and King & Wood Mallesons.
