6 big deals & insider moves: Campbell snaps up Sovos for a hefty premium
Investing.com | Author Davit Kirakosyan
Published Aug 07, 2023 05:48AM ET
By Davit Kirakosyan
Here is your Pro Recap of 6 head-turning deal dispatches and insider trades you may have missed last week: deals at Hasbro and Lions Gate, KKR and Paramount Global, and New Relic and Francisco Partners/TPG, and top brass buys at Exxon Mobil , Yellow, and NASDAQ.
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h2 Campbell Soup inks $2.7 billion deal for Rao's sauce owner Sovos Brands/h2Sovos Brands (NASDAQ:SOVO) soared nearly 25% in premarket trading Monday after Campbell Soup (NYSE:CPB) said it had agreed to buy the company for $23 per share in cash, or about $2.7B.
Shares of Sovos - which owns Rao’s, Michael Angelo’s, and noosa, among others - closed Friday at $18.02 for a market cap of $1.82B.
Campbell said this “strategic transaction adds a high-growth, market-leading premium portfolio of brands to diversify and enhance Campbell’s Meals & Beverages division."
The company added that the transaction is expected to be accretive to adjusted diluted earnings per share by the second year, excluding one-time integration expenses and costs to achieve synergies.
Campbell shares were recently down 1.9% in the premarket.
Hasbro to sell eOne film & TV business to Lionsgate/h2
Hasbro (NASDAQ:HAS) announced on Thursday that it agreed to sell its eOne film and TV business to Lionsgate (NYSE:LGFb) for approximately $500 million, as reported in real time on
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