CAMDEN, N.J. (AP) — Campbell Soup Co. is selling its European simple meals business to private equity firm CVC Capital Partners for 400 million euros ($542 million).
The deal includes Campbell's national brands of soups, sauces and simple meals, including Liebig and Royco in France, Erasco in Germany, Blå Band in Sweden and Devos Lemmens and Royco in Belgium. It also includes four plants in Belgium, France, Germany and Sweden. The transaction doesn't include the Kelsen Group.
Campbell said in August that it was in final and exclusive talks with CVC about the potential sale of the European simple meals business.
Campbell said Tuesday that it plans to use the sale's proceeds to pay down debt and for other general corporate purposes.
The deal is expected to close in the fourth quarter.