Global investment firm KKR & Co is set to acquire Australian biscuit maker Arnott’s from Campbell Soup Company in a major deal worth $2.2 billion ($AU3.15b).
According to the AFR, Campbell Soup Co will sell its international arm to KKR after a drawn-out auction which lasted almost one year.
Arnott’s biscuits are a staple in Australian households and make popular snacks such as Tim Tams, Shapes and Wagon Wheels.
The brand was bought by Campbell’s in 1997.
In a statement to the AFR, a Campbell International spokeswoman said the company “had not been sold” and that it was an “ongoing” operation to divest Arnott’s.
Kraft Heinz and Mondelez were also reportedly eyeing Arnott’s after Campbell’s put it up for sale last August.
Private Australian equity group Pacific Equity Partners was reportedly in the final two vying for the sale.
This isn’t the first time a US behemoth has snatched an iconic Aussie brand.
Back in 2012, Vegemite was under the control of Mondelez before being bought by Australian dairy company Bega for $460 million in 2017.
And, just last week, Japan’s Asahi bought Carlton & United for a massive $16 billion.