|Bid||43.08 x 900|
|Ask||0.00 x 900|
|Day's Range||42.81 - 43.43|
|52 Week Range||32.03 - 43.66|
|Beta (3Y Monthly)||0.88|
|PE Ratio (TTM)||41.58|
|Earnings Date||Aug 30, 2019|
|Forward Dividend & Yield||1.40 (3.24%)|
|1y Target Est||39.50|
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Shares of Campbell Soup Co. gained 0.6% in morning trade to buck the selloff in the broader market, after the consumer foods company announced a deal to sell Arnott's, and certain international operations, to KKR & Co. Inc. for $2.2 billion in cash. Arnott's, the Australia-based snack brand that Campbell bought in 1997, had sales of $885 million in the latest 12 months and employs about 3,800 people. Under terms of the deal, Campbell and KKR will enter into a licensing agreement for the exclusive rights to use certain Campbell brands, including Campbell's, Swanson, V8, Prego, Chunky and Campbell's Real Stock. The deal comes after Campbell said a year ago that it would divest Campbell International and Campbell Fresh to focus on its North American businesses and cut debt. Campbell's stock has gained 1.6% over the past year, while the SPDR Consumer Staples Select Sector ETF has climbed 10.3% and the S&P 500 has gained 3.5%.
The soup and snack maker will sell its Arnott’s cookie brand and several other international holdings, concentrated mostly in Australia and Asia, to private-equity firm KKR.
The proposed sale caps Campbell's efforts to sell off its international division and shift focus to its North American business.
Investment firm KKR & Co. said it was buying some of Campbell Soup's international assets in a deal worth $2.2 billion. The transaction involves KKR taking over the Australian snacks unit, Arnott's, and the top-selling cookie brand Tim Tam. The deal also includes a long-term licensing deal that will allow KKR exclusive rights to use some Campbell brands including Swanson and V8 in the Asia Pacific.
Campbell and KKR will enter into a long-term licensing arrangement 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, the company said. "This was a thorough and complex process in which we considered many options," Campbell Chief Executive Officer Mark Clouse said.
Campbell Soup Company (CPB) announced today that it has signed a definitive agreement for the sale of Arnott’s and certain of Campbell’s International operations to KKR (KKR), a leading global investment firm, for $2.2 billion in cash, subject to customary purchase price adjustments. Combined with the previously disclosed sale of Kelsen Group, Campbell has announced the sale of its entire Campbell International division for an aggregate price of $2.5 billion.
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