Campbell Soup To Buy Sovos Brands For $2.7 Bln In Cash

(RTTNews) - Campbell Soup Company (CPB), a food company, and food brand Sovos Brands, Inc. (SOVO), announced on Monday that they have inked a deal for Campbell to acquire Sovos Brands, Inc., for $23 per share in cash or around $2.7 billion.

The acquisition, expected to conclude by December end, is expected to add to earnings per share by the second year of Campbell.

The companies, said: "The strategic transaction adds a high-growth, market-leading premium portfolio of brands to diversify and enhance Campbell's Meals & Beverages division, providing a substantial runway for sustained profitable growth…"

For 2022, Sovos Brands had posted adjusted net sales of $8372 million.

Post transaction, Sovos Brands' results will be managed within Campbell's Meals & Beverage division.