Campbell confirms sale of Arnott's Australian catering unit to KKR for $ 2.2 billion

(Reuters) – Campbell Soup Co (CPB.N) confirmed Friday that it has signed a contract for the sale of its Arnott Snacks Unit in Australia and some of its international operations to KKR & Co Inc (KKR.N) for $ 2.2 billion, the American company striving to reduce its debt.

Campbell and KKR will enter into a long-term licensing agreement dealing with the exclusive rights to use certain Campbell brands, including Campbell's, Swanson, V8, Prego, Chunky and Campbell's Real Stock, in Australia, New Zealand, Malaysia and other selected markets, the company said.

"It was a complex and complex process in which we had considered many options," said Campbell's Executive Director Mark Clouse.

"By allocating nearly $ 3 billion of the net proceeds of the divestment to debt reduction, Campbell's balance sheet will be stronger and able to support our development plan for our targeted and differentiated portfolio," he said. .

KKR & Co announced last week that it was buying Campbell's Arnott, which would give it ownership of the best-selling biscuit brands, such as Tim Tam.

Campbell launched its international unit and Fresh unit last year because it wanted to focus on its core operations in North America and reduce debt. Investors also lobbied to improve their profitability and the performance of their shares.

In July, the US packaged food company announced that it would sell its Danish unit Kelsen Group to a subsidiary of the nutella manufacturer Ferrero SpA for $ 300 million.