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Campbell Soup completes $2.33 billion Sovos deal after delays
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Campbell Soup completes $2.33 billion Sovos deal after delays
Mar 12, 2024 6:35 AM

(Reuters) - Campbell Soup ( CPB ) has completed the acquisition of Rao's Homemade-owner Sovos Brands ( SOVO ), 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 ( SOVO ), which consists of pasta sauces, dry pasta, soups, frozen pizza and yogurts.

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

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