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Campbell completes sale of Arnott’s to KKR

Campbell Soup Co. said Dec. 23 the company completed the sale of Arnott's Biscuits Ltd. and certain international operations to KKR & Co. Inc.

The Australian cookie brand was sold to the private equity firm for approximately $2.2 billion in cash.

Campbell has now completed the sale of its entire international division, including Kelsen Group A/S, for approximately $2.5 billion.

The New Jersey-based food and beverage producer has also concluded the divestiture of its refrigerated-foods business.

Campbell will use the net proceeds of approximately $3 billion from the sale of the international operations and refrigerated-foods business to reduce its debt.