Campbell's closing of $2.33 billion Sovos deal pushed to 2024
Reuters
Published Oct 23, 2023 05:53PM ET
Updated Oct 24, 2023 12:02PM ET
(Reuters) - Campbell Soup (NYSE:CPB) said on Monday its $2.33 billion acquisition of Rao's owner Sovos Brands was delayed until next year after the U.S. Federal Trade Commission (FTC) asked for more details on the deal.
Campbell said the request for additional information by the FTC was part of the agency's review of the transaction and was a common feature of a regulatory review.
In August, Campbell agreed to buy the premium sauces maker to beef up its meals and beverages business and was expecting to close the transaction by the end of December.
Campbell said on Monday it now expects to complete the transaction in mid-2024 and will continue to engage with the FTC on their review.
A number of deals in technology and consumer sectors have come under regulatory scanner for their potential role of reducing competition in violation of antitrust laws.
Sovos shares were down nearly 3% in after-hours trading.
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Written By: Reuters
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