The Firm is representing KKR in its announced stock and asset purchase agreement under which KKR will acquire certain international operations from Campbell Soup Company (“Campbell”). The transaction is valued at approximately $2.2 billion.
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.
The Simpson Thacher team working on the transaction includes Kathryn King Sudol and Janet K. Yu (M&A - New York); Ian Ho, Sandra Kister and Chen Zhang (M&A - Hong Kong); Robert Meyer and Jaime Picano (Banking and Credit); Lori Lesser, Melanie Jolson and Elizabeth Gladstone (Intellectual Property); Sarah Katz and Abigail Hopper (Tax); Steven DeLott (Insurance); and Tristan Brown and Alyssa Ohanian (Executive Compensation & Employee Benefits).