The owner of Turkish food company Ülker Group looks set to buy upmarket chocolate business Godiva from Campbell Soup Co. for US$850m.

Yildiz Holding has agreed to buy the business, which had been up for sale since August. Campbell said the deal is expected to close in the "next several months".

Godiva, which generates annual sales of $500m, will become part of Ülker, which is Turkey's largest consumer goods group.

Campbell president and CEO Doug Conant said: "We are very pleased with the value we obtained for Godiva. The sale price reflects the strength of the Godiva business. The agreement allows Ülker to expand and diversify its portfolio with an elite, global luxury brand and enables Campbell to sharpen our strategic focus on simple meals, anchored by soup, baked snacks, and vegetable-based beverages."

Ülker's food interests include biscuits, chocolate, confectionery and dairy products.