July 1, 2019 / 6:41 AM / 7 months ago

Australian PE firm PEP sets up company to buy Campbell's international business - AFR

SYDNEY (Reuters) - Pacific Equity Partners has set up a new company as part of its plans to buy the international business of U.S. food company Campbell Soup Co (CPB.N), The Australian Financial Review reported citing anonymous sources.

The Australian private equity firm is getting ready to bid for Campbell Soup’s international brand portfolio, including local cookie brand Arnott’s, with a valuation of A$3 billion ($2.10 billion), the paper said.

A spokesman for PEP declined to comment. Representatives from Campbell Soup did not immediately return an email seeking comment.

Earlier this year, Campbell had said it expects to name buyers for the business by the end of its fiscal year in July. Bloomberg reported in March Campbell was in advanced talks about a deal with Mondelez International (MDLZ.O).

Reporting by Paulina Duran; Editing by

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