Campbell Soup completes $2.33 billion Sovos deal after delays
© Reuters. The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid/File Photo
(Reuters) – Campbell Soup (NYSE:) 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.
