Campbell Soup Acquires Sovos Brands for $2.7B

TL;DR

CPB just bought Sovos Brands for $2.7B - big expansion incoming!

AI Summary

On March 12, 2024, Campbell Soup Company (CPB) announced the completion of its acquisition of Sovos Brands, Inc. for approximately $2.7 billion. This strategic move is expected to enhance Campbell's brand portfolio and expand its market presence.

Why It Matters

This acquisition significantly expands Campbell Soup's product offerings and market reach, potentially leading to increased revenue and market share in the food industry.

Risk Assessment

Risk Level: medium — The acquisition involves a significant financial commitment and integration challenges, which could impact Campbell's financial performance and operational efficiency.

Key Numbers

• $2.7B — Acquisition Price (Total amount paid by Campbell Soup Company for Sovos Brands, Inc.)

Key Players & Entities

• Campbell Soup Company (company) — Acquiring company
• Sovos Brands, Inc. (company) — Acquired company
• $2.7 billion (dollar_amount) — Acquisition price
• March 12, 2024 (date) — Date of acquisition completion

FAQ

From the Filing

0000950103-24-003686.txt : 20240312 0000950103-24-003686.hdr.sgml : 20240312 20240312084531 ACCESSION NUMBER: 0000950103-24-003686 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240312 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240312 DATE AS OF CHANGE: 20240312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMPBELL SOUP CO CENTRAL INDEX KEY: 0000016732 STANDARD INDUSTRIAL CLASSIFICATION: FOOD & KINDRED PRODUCTS [2000] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 210419870 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0730 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03822 FILM NUMBER: 24740351 BUSINESS ADDRESS: STREET 1: CAMPBELL PL CITY: CAMDEN STATE: NJ ZIP: 08103 BUSINESS PHONE: 8563424800 MAIL ADDRESS: STREET 1: CAMPBELL PL CITY: CAMDEN STATE: NJ ZIP: 08103 8-K 1 dp208176_8k.htm FORM 8-K false 0000016732 0000016732 2024-03-12 2024-03-12 iso4217:USD xbrli:shares iso4217:USD xbrli:shares   UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934   Date of Report (Date of Earliest Event Reported): March 12, 2024   CAMPBELL SOUP COMPANY   New Jersey 1-3822 21-0419870 State of Incorporation Commission File Number I.R.S. Employer Identification No.   One Campbell Place Camden , New Jersey 08103-1799 Principal Executive Offices Telephone Number: ( 856 ) 342-4800   Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Capital Stock, par value $.0375   CPB   New York Stock Exchange   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).   Emerging growth company ☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐       Item 2.01. Completion of Acquisition or Disposition of Assets.   On March 12, 2024, Campbell Soup Company, a New Jersey corporation (“ Campbell ” or the “ Company ”), consummated the previously announced transaction with Sovos Brands, Inc., a Delaware corporation (“ Sovos ”), pursuant to the Agreement and Plan of Merger (the “ Merger Agreement ”), dated as of August 7, 2023, among the Company, Sovos and Premium Products Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“ Merger Sub ”). Pursuant to the Merger Agreement, at the effective time of the Merger (the “ Effective Time ”), Merger Sub merged with and into Sovos, with Sovos surviving as a wholly owned subsidiary of the Company (the &#8220