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Business deals

Campbell sells Tim Tam maker and other Asia assets to KKR for $2.2bn

US fund raises regional profile by buying Australia's Arnott's

Arnott's is best known for its Tim Tam line of biscuits.   © Reuters

Campbell Soup Co on Friday confirmed that it signed a deal to sell its Australian snacks unit Arnott's and some of its international operations to KKR & Co Inc for $2.2 billion as the U.S. company works on reducing debt.

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.

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