---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-24-003686"
form_type: "8-K"
ticker: "CPB"
cik: "0000016732"
company_name: "CAMPBELL'S Co"
filed_at: "2024-03-12T23:59:59+00:00"
generated_at: "2026-06-04T23:05:10.716421+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Campbell completes $2.7B acquisition of Sovos Brands; adds Rao's, creates Distinctive Brands unit

## Summary
- Acquired Sovos Brands for $23.00/share in cash; total enterprise value approx. $2.7 billion.
- Sovos reported $1.0B net sales in FY2023, organic growth +25% YoY; Rao's brand generated $775M revenue (+37%).
- New Distinctive Brands unit formed within Meals & Beverages, led by Risa Cretella; combines Rao's, Michael Angelo's, noosa with Pacific Foods.
- Expects ~$50M annual cost synergies over two years; transaction accretive to adjusted EPS by second year of ownership.
- Borrowed $2B under delayed draw term loan on closing; had ~$925M outstanding CP as of March 11, 2024.

## SEC filing metadata
- accession: 0000950103-24-003686
- form_type: 8-K
- ticker: CPB
- cik: 0000016732
- company_name: CAMPBELL'S Co
- filed_at: 2024-03-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/16732/000095010324003686/0000950103-24-003686-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/16732/000095010324003686/dp208176_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-24-003686
- JSON: https://secwatch.observer/filing/0000950103-24-003686.json
- Plain text: https://secwatch.observer/filing/0000950103-24-003686.txt

## Key facts
- Debt Financings
  CAMPBELL'S Co incurred term loan of $2 billion with Bank of America, N.A., as administrative agent maturing October 8, 2024.
  - Instrument: term loan
  - Principal: $2 billion
  - Counterparty: Bank of America, N.A., as administrative agent
  - Maturity: October 8, 2024
  - Event: incurrence
  source text: on the date hereof, the Company borrowed an aggregate principal amount of $2 billion under the Credit Agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/16732/000095010324003686/0000950103-24-003686-index.htm
- M&A Transactions
  CAMPBELL'S Co completed an acquisition involving Sovos Brands, Inc. for $23.00 per share in cash (closed 2024-03-12).
  - Action: acquisition
  - Counterparty: Sovos Brands, Inc.
  - Consideration: $23.00 per share in cash
  - Closing: 2024-03-12
  source text: prior to the Effective Time and (iii) any dissenting Sovos Common Stock) was canceled and automatically converted into the right to receive an amount in cash equal to $23.00 per share of Sovos Common Stock, without interest (the “ Merger Consideration ”). In addition, at the Effective Time: · Each restricted share of Sovos Common Stock that was
  evidence_url: https://www.sec.gov/Archives/edgar/data/16732/000095010324003686/0000950103-24-003686-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.