Aug 2, 2019

Campbell Soup selling Australian snacks unit for $2.2 billion

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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Uber stock price drops after missed Q2 expectations

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Uber's stock price dropped by more than 12% after its Q2 revenue and losses missed analyst expectations.

Hasbro agrees to buy Peppa Pig studio Entertainment One for $4 billion

Peppa Pig characters. Photo: Tristan Fewings/Getty Images

Hasbro agreed to buy Entertainment One, the studio behind children's TV show "Peppa Pig," for around $4 billion.

Why it matters: This one could become a real muddy puddle. Hasbro's £5.60 per share represents a 26% premium to Thursday's closing price, but shares subsequently climbed even higher — with some investors and analysts expecting that a content company will try to top the toymaker.

Go deeperArrowAug 23, 2019

WeWork files for long-awaited IPO

Illustration: Rebecca Zisser/Axios

WeWork on Wednesday filed to raise $1 billion in an initial public offering, although the ultimate offering amount is expected to be at least three times larger.

My thought bubble: There is a ton of investor skepticism over WeWork's business model, with expectations that it could receive Tesla-like treatment from public shorts. That's one reason why the company plans to increase its cash cushion by securing a $6 billion credit facility in conjunction with the IPO.

FinancialsArrowUpdated Aug 14, 2019