Famed Aussie biscuitmaker Arnott's is getting an American owner. Again.
Global investment firm KKR, formerly known as Kohlberg Kravis Roberts, has confirmed it will buy the Tim Tams maker from food giant Campbell's Soup as part of a US$2.2 billion ($3.3b) deal.
Campbell's bought the 150-year-old company in 1997 and first flagged a sale last year as part of a plan to reduce debt.
"We are privileged and excited to have the opportunity to invest in and grow Arnott's as an independent business in Australia, in addition to further developing Campbell's trusted brands across the broader Asian market," KKR member David Lang said.
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"This is a milestone investment for KKR, and we look forward to working closely with the Campbell International management team to seek out new and exciting opportunities."
Founded in the Hunter Valley by Scottish immigrant William Arnott in 1865, Sydney-based Arnott's employs 2,400 people across all states and territories.
KKR will also buy Campbell International's manufacturing operations in Australia, Indonesia and Malaysia, including its brands spanning soup, stock, juice and ready meals.
As part of the deal it has licensed the right for 15 years to use certain Campbell brands regionally, including Campbell's, Swanson, V8, Prego and Chunky.
Arnott's and Campbell's International had combined sales of A$885 million ($920m) in the last 12 months, Campbell's said.
The transaction is expected to close within the next six months.