Campbell Soup completes divestitures, uses $3 billion to repay debt

By Sarah Lizee

Olympia, Wash., Dec. 23 – Campbell Soup Co. completed the sale of Arnott’s and some of Campbell’s international operations to KKR for about $2.2 billion in cash, according to a press release.

With this transaction, Campbell has now completed the sale of its entire international division, including Kelsen Group, for an aggregate price of about $2.5 billion.

As previously reported, the company is using net proceeds of about $3 billion from its divestitures to reduce debt.

Under the terms of the agreement, Campbell and KKR have entered into a long-term licensing arrangement for the exclusive rights to use some Campbell brands, including Campbell's, Swanson, V8, Prego, Chunky and Campbell's Real Stock, in Australia, New Zealand, Malaysia and other select markets in Asia, Europe, the Middle East and Africa.

This concludes the divestiture process that Campbell announced in August 2018.

In total, the company divested the Campbell International and Campbell Fresh divisions and also sold its European Chips business.

Campbell said it is now focused on its two core North American businesses, Snacks and Meals & Beverages.

Campbell Soup is a convenience foods company based in Camden, N.J.

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