Campbell Soup to acquire Sovos Brands for $2.7B enterprise value

CAMPBELL'S Co

Campbell to acquire Sovos Brands for $23.00/share in cash; total enterprise value of $2.7B.
Implied multiple of 14.6x adjusted EBITDA including ~$50M in planned synergies; expected to be accretive in Year 2.
Supporting shareholders covering ~34% of Sovos shares have entered into voting agreements to support the deal.
Projected net leverage at closing ~4x; capital allocation priorities remain unchanged.
Closing subject to Sovos shareholder approval, HSR clearance, and other customary conditions.

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