10:03 AM EDT, 03/12/2024 (MT Newswires) -- Campbell Soup ( CPB ) said Tuesday it has completed the acquisition of Sovos Brands for $23 per share in an all-cash deal of about $2.7 billion.

The company said the Sovos brand portfolio consisting of Rao's, Michael Angelo's and noosa will become part of Campbell's newly formed Distinctive Brands business unit within Meals & Beverages.

The transaction is anticipated to be accretive to adjusted diluted earnings per share by the second year, with expected annualized cost synergies of around $50 million over the next two years, Campbell Soup ( CPB ) said.

Price: 42.82, Change: -0.19, Percent Change: -0.45