Campbell To Acquire Sovos Brands For $23/Share In Cash, Representing Total Enterprise Value Of ~$2.7B; Co. Expects Annualized Cost Synergies Of ~$50M Over Net Two Years
Portfolio Pulse from Benzinga Newsdesk
Campbell Soup Company (CPB) has announced plans to acquire Sovos Brands for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion. The company expects to realize annualized cost synergies of around $50 million over the next two years.
August 07, 2023 | 11:04 am
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NEUTRAL IMPACT
Campbell Soup's acquisition of Sovos Brands could potentially lead to cost synergies and increased profitability in the long run. However, the short-term impact may be neutral as the market absorbs the news.
The acquisition of Sovos Brands by Campbell Soup is a significant event for the company. The expected cost synergies could improve profitability, but the short-term impact on the stock price may be neutral as the market processes the news and the cost of the acquisition.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100