2023-08-07 07:40:36 ET
- Packaged food maker Campbell Soup ( NYSE: CPB ) on Monday said it would acquire Sovos Brands for $23 per share in cash, in a deal valued at about $2.7 billion.
- The all-cash offer for Sovos Brands represents an adjusted EBITDA multiple of 14.6x including run rate synergies and 19.8x excluding synergies.
- The acquisition is expected to support Campbell’s long-term financial growth plan with expected annualized cost synergies reaching about $50 million over the next two years.
- The deal, which is expected to be accretive to adjusted diluted earnings per share by the second year, will be financed through the issuance of new debt.
- The deal is expected to close by the end of December 2023.
- CPB +0.24% premarket to $45.26
- Source: Press Release
For further details see:
Campbell Soup to buy Sovos Brands in $2.7B all-cash deal