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Sovos Brands

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Campbell's Acquisition of Rao's Pasta Sauce Leaves Fans Relieved
business3 years ago

Campbell's Acquisition of Rao's Pasta Sauce Leaves Fans Relieved

Campbell Soup is set to acquire Sovos Brands, the maker of Rao's pasta sauces, in a $2.7 billion deal. The acquisition aims to diversify and strengthen Campbell's Meals & Beverages division. While some loyal fans expressed concerns about potential changes to the beloved sauces under new ownership, Campbell's CEO reassured that they will not alter the taste or ingredients. The transaction is expected to close in December, pending stockholder and regulatory approval.

via The Associated Press|
#acquisition#business#campbell-soup
Campbell Soup's $2.7 Billion Acquisition of Sovos Brands, the Leader in Premium Italian Sauces
business3 years ago

Campbell Soup's $2.7 Billion Acquisition of Sovos Brands, the Leader in Premium Italian Sauces

Tyson Foods' shares fell over 7% after the company's fiscal third-quarter report missed estimates. Dialysis company DaVita rose over 1% after being upgraded by UBS. Sovos Brands' shares surged 25% in premarket trading following Campbell Soup's announcement of acquiring the pasta sauce maker for $2.33 billion. DraftKings rose 1.5% after Wells Fargo upgraded the sports betting app. Berkshire Hathaway's Class B shares rose over 1% after reporting a solid increase in second-quarter operating earnings. BioNTech's shares slid 4.9% after reporting lower-than-expected revenue for Q2.

via CNBC|
#berkshire-hathaway#biontech#business
business3 years ago

Campbell Acquires Rao's Sauces for $2.7 Billion

Campbell Soup has announced its acquisition of Sovos Brands, the maker of Rao's pasta sauce, for $2.7 billion. This marks Campbell's largest acquisition since 2018. The purchase price represents a 27% premium to Sovos Brands' closing price on Friday. The acquisition is seen as a strategic move to expand Campbell's sauce portfolio, which currently includes Prego and Swanson broths. Sovos Brands' strong growth and pipeline of future products were key factors in the deal.

via Yahoo Finance|
#acquisition#business#campbell-soup