U.S. packaged food maker Campbell Soup will buy Michael Angelo's and Rao's owner Sovos Brands for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages business with the maker of premium Italian sauces.
Packaged food makers have been buoyed as cautious consumers have preferred to spend on essentials and limit their visits to restaurants. They have also raised product prices several times to protect their margins from higher input costs.
Separately, Sovos reported a 16.3% jump in organic net sales for the second-quarter, driven by increased volumes despite higher pricing. Including debt, the deal is valued at $2.7 billion. Campbell plans to finance the purchase through new debt. The transaction, expected to close by the end of December, is likely to add to adjusted earnings per share by the second year after completion.Reporting by Savyata Mishra in Bengaluru; Editing by Savio D'Souza, Shweta Agarwal and Sriraj Kalluvila
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Campbell Soup to acquire Rao’s parent Sovos Brands in cash deal valued at about $2.7 billionAn earlier version of this article had a typo in the price Campbell Soup is paying. The price is $23 not $32. The article has been corrected. Campbell Soup...
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