Campbell Soup completes $2.33 billion Sovos deal after delays
Reuters
Published Mar 12, 2024 09:08AM ET
Updated Mar 12, 2024 12:00PM ET
(Reuters) - Campbell Soup (NYSE:CPB) has completed the acquisition of Rao's Homemade-owner Sovos Brands, the U.S. packaged food maker said on Tuesday, weeks after receiving clearance from the Federal Trade Commission.
The closing of the $2.33-billion deal, announced in August last year, was pushed to mid-2024 from December after the FTC requested additional information in October.
However, in February, Campbell said it would close the deal within days of March 11, the last day for a waiting period to expire following the issuance of compliance.
Campbell has created a new business unit called "distinctive brands" within its meals and beverages division to include Sovos Brands, which consists of pasta sauces, dry pasta, soups, frozen pizza and yogurts.
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Written By: Reuters
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