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Campbell Soup to buy Sovos Brands for $2.33 bln

Credit: REUTERS/Gary Cameron

August 07, 2023 — 07:12 am EDT

Written by Savyata Mishra for Reuters ->

Adds further details in paragraph 2,3

Aug 7 (Reuters) - Packaged food maker Campbell Soup CPB.N said on Monday it would acquire Sovos Brands SOVO.O for $2.33 billion.

Campbell will pay $23 per share in cash for the pasta sauce maker, representing a nearly 28% premium on the stock's last close.

The deal would help Campbell diversify its meals & beverages division, the company said in a statement.

(Reporting by Savyata Mishra in Bengaluru; Editing by Savio D'Souza and Shweta Agarwal)

((Savyata.Mishra@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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