Campbell Soup Co. has reportedly sold Arnott’s, the Australian cookie and snack maker that constitutes the largest part of its international product portfolio.
The Australian Financial Review reported that Campbell will receive $2.2 billion (U.S.) for Arnott’s from buyout firm KKR & Co. KKR reportedly submitted the winning bid in an auction against other capital firms.
The Financial Review cited confirmation from KKR but quoted a Campbell spokesperson as declining to confirm the deal and saying that the process of selling Arnott’s is “ongoing.”
Campbell has been divesting its international units as part of a general strategy to concentrate more on what it judges to be core brands and businesses. Earlier this month the company sold its Kelsen Group division, maker of Royal Dansk cookies, to Ferrero Group for $300 million.