The completion of the sale is expected by the end of October, Campbell said.
CVC Capital said in its news release about the possible purchase of Campbell's "heritage consumer brands" that the European operations employ about 1,300. The deal includes four factories, in Belgium, France, Germany and Sweden.
"We see this transaction as another step in the company's move to de-emphasize its international soup operation and increase the focus on faster-growing brands, categories, and regions," Thilo Wrede, an equity analyst with Jeffries L.L.C., wrote in a note to investors Monday.
Since last August, Campbell has spent $2.15 billion on three acquisitions designed to boost its prospects in international markets outside Europe and with younger consumers, including babies.
The biggest acquisition in Campbell's history was the $1.55 billion purchase last August of Bolthouse Farms, a producer of carrots and fresh juices, to gain a new foothold in refrigerated supermarket cases, where sales are faster-growing than in the center-of-store aisles.
In June, Campbell paid $250 million for Plum Organics, a producer of food for babies and toddlers with $93 million in sales last year. Sales are projected to reach $115 million in the current fiscal year.
In an investor presentation last month, Morrison said Campbell's products for children had revenue growth of 7 percent last year - a significantly higher rate than the company's long-term goal of 3 percent to 4 percent.
Last week, Campbell completed its purchase of Kelsen Group A/S, a Danish cookie maker with a strong presence in China, for $350 million. Kelsen's revenue was $180 million last year and is expected to reach $200 million in Campbell's fiscal year ending next summer.
The proposed sale of Campbell Europe does not include Kelsen's European operations. Nor does it include Campbell's-branded products in the United Kingdom or the export of Pepperidge Farm products throughout Europe.
Campbell's has sometimes had a tough time in overseas markets, from Japan in the 1990s to Russia and China a decade later, two markets where the company tried to build a factory-made soup market from the ground up.
The company left Russia in 2011 after just a few years. It recently announced its Chinese soup business would refocus on products for the food-service market rather than for home cooks.
Campbell's shares gained 9 cents to close at $47.83 on the New York Stock Exchange.
Contact Harold Brubaker at 215-854-4651 or email@example.com.