Campbell's closing of $2.33 bln Sovos deal pushed to 2024

Sovos Brands

23/10/2023 22:42

Oct 23 (Reuters) - Campbell Soup  CPB.N  said on Monday
its $2.33 billion acquisition of Rao's owner Sovos Brands
 SOVO.O  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.
    

 (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil
D'Silva)
 ((Aishwarya.Venugopal@thomsonreuters.com; within U.S.
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