Campbell Soup completes $2.33 bln Sovos deal after delays

Sovos Brands

12/03/2024 13:05

March 12 (Reuters) - Campbell Soup  CPB.N  has completed
the acquisition of Rao's Homemade-owner Sovos Brands  SOVO.O ,
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. 
    

 (Reporting by Granth Vanaik in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Granth.Vanaik@thomsonreuters.com | X : https://twitter.com/Vanaik_Granth;))