7 August 2023
Campbell Soup Company (NYSE: CPB) announced it has entered into an agreement to acquire Sovos Brands Inc. (NASDAQ: SOVO), leader in high-growth premium Italian souces.
The transaction is an all-cash transaction valued at $2.7 billion (enterprise value) or $23.00 per share.
The strategic transaction adds a high-growth, market-leading premium portfolio of brands to diversify and enhance Campbell’s Meals & Beverages division, providing a substantial runway for sustained profitable growth.
More, Source: Company’s Press Release