03/28/2008 02:45 am ET Updated May 25, 2011

Campbell Soup Sells Godiva To Turks

Campbell Soup Co. (CPB.N) said on Thursday it agreed to sell its Godiva Chocolatier business for $850 million to Yildiz Holding A.S.

Yildiz is the owner of the Ulker Group, a diversified food company based in Istanbul, Turkey. Campbell said the sale price represents a multiple of nearly 15 times earnings before interest, taxes, depreciation and appreciation (EBITDA)--a measure of cash flow.

Campbell had said in August that it would explore a possible sale of the luxury chocolate brand, since it did not fit into its core portfolio of soups, baked snacks and vegetable-based beverages, with brands such as Pepperidge Farms cookies and V8 vegetable juice.

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