Photo: Al Seib/Los Angeles Times/Getty Images

Campbell Soup has signed a deal to sell its Australian snacks unit Arnott’s and some of its international operations to KKR for $2.2 billion.

Why it matters: Arnott’s is the biggest single brand in Campbell’s international portfolio, with $737 million in annual revenue.

  • It includes popular cookies like Tim Tam.

The bottom line:

"By applying almost $3 billion of divestiture net proceeds to reduce debt, Campbell’s balance sheet will be stronger and capable of supporting our plan to grow our focused and differentiated portfolio."
CEO Mark Clouse

Details: The two will enter into a long-term licensing agreement for the exclusive rights to use certain Campbell brands, including Campbell’s, Swanson, V8, Prego, Chunky and Campbell’s Real Stock, in certain markets including Australia, New Zealand and Malaysia.

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Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 19,680,042 — Total deaths: 727,777 — Total recoveries — 11,962,565Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 5,002,523 — Total deaths: 162,455 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Nancy Pelosi says states don't have the funds to comply with Trump's executive order on employment — Trump adviser Larry Kudlow says he regrets suggesting the benefits could only be extended by Congress.
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — Poll: 1 in 3 Americans would decline COVID-19 vaccine.
  5. Schools: Nine test positive at Georgia school where photo showing packed hallway went viral — How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.