Sovos Brands, Inc. (Sovos Brands) acquired by Campbell's

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

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

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

The business had net sales of $ 99 million in 2025 and $ 68 million in 2024 after it was purchased as part of the Sovos Brands acquisition on March 12, 2024.

On March 12, 2024, we completed the acquisition of Sovos Brands. See Note 3 for additional information. We identified opportunities for cost synergies as we integrated Sovos Brands. In 2024, we recorded Restructuring charges of $ 21 million for severance pay and benefits related to initiatives to achieve the synergies. The charges incurred in 2024 were associated with the Meals & Beverages segment.

On March 12, 2024, we completed the acquisition of Sovos Brands.

The increase in 2024 is associated with the acquisition of Sovos Brands.