Sovos Brands, Inc. acquired by Campbell Soup Company

for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion

annual adjusted net sales of $837 2 million in calendar year 2022

19.8x excluding synergies

On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of $2.899 billion.

Acquisition of Sovos Brands, Inc. (Sovos Brands) by Campbell's.

On March 12, 2024, we completed the acquisition

On March 12, 2024

On March 12, 2024, we completed the acquisition of Sovos Brands. Cash consideration was $2.857 billion.

March 12, 2024

Replacement share-based awards issued in connection with Sovos Brands, Inc. acquisition (2)

On August 7, 2023 , we entered into a merger agreement to acquire Sovos Brands, Inc. (Sovos Brands) for $ 23.00 per share. On March 12, 2024 , we completed the acquisition.

On August 7, 2023 , we entered into a merger agreement

On August 7, 2023 , we entered into a merger agreement to acquire Sovos Brands, Inc. (Sovos Brands) for $ 23.00 per share.

Cash consideration paid to Sovos Brands shareholders (1) $ 2,307 Cash paid for share-based awards (2) 32 Cash consideration paid directly to shareholders $ 2,339

Cash consideration paid directly to shareholders $ 2,339 Cash paid for transaction costs of Sovos Brands 32 Repayment of Sovos Brands existing indebtedness and accrued interest 486 Total cash consideration $ 2,857

Total purchase consideration was $ 2.899 billion, which was determined as follows:

For the period March 12, 2024 through July 28, 2024, the Sovos Brands acquisition contributed $ 423 million to Net sales and a loss of $ 84 million to Net earnings, including the effect of transaction and integration costs and interest expense on the debt to finance the acquisition.

The following unaudited summary information is presented on a consolidated pro forma basis as if the Sovos Brands acquisition had occurred on August 1, 2022: (Millions) 2024 Net sales $ 10,354