Campbell Soup expects to close Sovos Brands deal ‘within days’ of March 11

(Reuters) – Campbell Soup said on Tuesday that it expects to close its $2.33 billion acquisition of Rao’s Homemade items owner Sovos Brands within days of March 11 after receiving a certification of compliance from the United States Federal Trade Commission (FTC).

The FTC had requested additional information on the transaction in October last year as part of its review of Campbell’s proposed acquisition of Sovos, a premium Italian sauces maker.

The certification triggers the start of a 30-day waiting period, set to expire on March 11, after which the sale can be finalized.

Campbell, which had previously expected the transaction to close in mid-2024, said it will close within days of the waiting period ending.

Shares of Sovos Brands were up about 1% in extended trade.

(Reporting by Juveria Tabassum; Editing by Tasim Zahid)

tagreuters.com2024binary_LYNXNPEK1C0P5-VIEWIMAGE