Campbell Soup completes $2.33 billion Sovos deal after delays

By Thomson Reuters Mar 12, 2024 | 8:08 AM

(Reuters) – Campbell Soup 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.

(Reporting by Granth Vanaik in Bengaluru; Editing by Sriraj Kalluvila)