(Reuters) 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.
Campbell will pay $23 per share for Sovos, a nearly 28% premium to the stock's last close.
The global food and beverage industry has been a relatively bright spot for deal-making in recent quarters. Last month, Unilever said it would buy frozen yogurt brand Yasso in North America while Mars Inc agreed to buy Kevin's Natural Foods.
In May, Campbell Soup sold Emerald Nuts to Flagstone Foods for an undisclosed amount.
Campbell's meals and beverages division includes its ready-to-serve soups, tomato juice, gravies, and dinner sauces that are sold in the U.S. and Canada, and was its top revenue generator in 2022, according to its annual report.
The global food and beverage industry has been a relatively bright spot for deal-making in recent quarters. Last month, Unilever said it would buy frozen yogurt brand Yasso in North America while Mars Inc agreed to buy Kevin's Natural Foods.
In May, Campbell Soup sold Emerald Nuts to Flagstone Foods for an undisclosed amount.
Campbell's meals and beverages division includes its ready-to-serve soups, tomato juice, gravies, and dinner sauces that are sold in the U.S. and Canada, and was its top revenue generator in 2022, according to its annual report.
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