American private equity firm KKR has agreed to acquire Campbell Soup’s Australian business Arnott’s in a deal reportedly valued at $2.2bn.

Citing anonymous sources, The Australian Financial Review newspaper reported that the company’s popular biscuits brand Tim-Tams is also part of the deal.

Snacks business Arnott’s is the biggest single brand in Cambell’s international portfolio, generating $737m annual revenue.

KKR’s Australia-based spokeswoman said: “I can confirm that KKR’s offer for Arnott’s was accepted by Campbell’s.”

A Campbell Soup spokeswoman said: “The process to divest Arnott’s and the rest of our international operations is ongoing. We do not comment on rumour and speculation.”

KKR won the deal by beating Australian rival Pacific Equity Partners in an auction that lasted nearly a year.

The auction was managed by Goldman Sachs and Centerview Partners for Campbell Soup, while Allens and Simpson Thacher offered legal counsel to KKR. King & Wood Mallesons, as well as Weil, Gotshal & Manges, advised Campbell Soup on the deal.

Earlier this month, Campbell Soup Company signed a definitive agreement to sell Kelsen Group to CTH for $300m.

based in Denmark, Kelsen is engaged in the production of baked snacks under various brands, including Kjeldsens and Royal Dansk.

CTH is a Belgian holding company affiliated to the Ferrero Group. The company registered net sales of approximately $157m over the last year.

As part of the transaction, CTH will acquire two production facilities in Nørre Snede and Ribe and expects to increase its presence in the fine biscuits sector.