KKR has entered into a definitive agreement with Campbell Soup Company (Campbell) to acquire certain international operations from Campbell. The transaction is valued at approximately US $2.2 billion.
As part of the transaction, KKR will acquire Arnott’s (the iconic Australian biscuit brand and a major driver of Campbell International’s sales), Campbell’s simple meals and snacking brands in markets including Australia, New Zealand, Indonesia, Malaysia, Singapore, Hong Kong and Japan, and Campbell International’s manufacturing operations in Australia, Indonesia and Malaysia.
Under the terms of the agreement, KKR and Campbell will enter into a long-term licensing agreement for 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 select markets in Asia Pacific, Europe, the Middle East and Africa.
Allens worked with US-based firm, Simpson Thacher & Bartlett LLP, on the legal aspects of the deal.