Campbell Soup In Final Negotiations To Sell Europe Business To CVC Capital

(RTTNews) - Campbell Soup Company (CPB) Monday said it is in the final and exclusive negotiations for the potential sale of its business in Europe to CVC Capital Partners. The proposed deal includes Campbell's national brands of soups, sauces and simple meals, including Liebig and Royco in France, Erasco in Germany, Blå Band in Swedenand Devos Lemmens and Royco in Belgium, and four plants.

The proposed deal does not include the export of Pepperidge Farm products throughout Europe or Campbell's products in the United Kingdom or the Middle East or Africa. It also does not include Kelsen Group, which will continue its operations in Denmark and the export of its products to countries in Europe and throughout the world.

Campbell said it expects the transaction to be completed in first quarter of fiscal 2014. In fiscal 2012, the Campbell businesses included in the propsed deal generated net sales of about $530 million.

Campbell is being advised by Allen & Overy LLP. CVC is being advised by Leopold Capital Partners, Barclays, Cleary Gottlieb Steen & Hamilton LLP and Ernst & Young.