CAMDEN, N.J. - Campbell Soup Company (NYSE:CPB) and Sovos Brands, Inc. (NASDAQ:SOVO) have announced progress in their merger process, having certified substantial compliance with the Federal Trade Commission's (FTC) second request for additional information. This certification initiates a 30-day waiting period, concluding on March 11, 2024, after which the proposed acquisition is expected to be finalized, subject to customary closing conditions.
Campbell's President and CEO, Mark Clouse, expressed enthusiasm about the acquisition, stating that Sovos Brands' portfolio will bolster Campbell's Meals & Beverages division. He also highlighted the anticipated synergy with Campbell's Snacks division, projecting a robust portfolio post-acquisition.
Sovos Brands' Founder and CEO, Todd Lachman, also conveyed confidence in the merger, saying "We remain highly confident in Campbell™s ability to continue bringing our products to more households and further building on our track record as one of the fastest growing food companies of scale in the United States."
The acquisition is seen as a strategic move for Campbell, a company with a legacy spanning over 150 years, known for its trusted food and beverage brands including Campbell’s, Goldfish, and V8. Sovos Brands, headquartered in Louisville, Colorado, brings to the table a suite of products under brands such as Rao’s and noosa, recognized for their authenticity and unique food experiences.
The information in this article is based on a press release statement.
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