CAMDEN (dpa-AFX) - Campbell Soup Co. (CPB) announced Tuesday it has
completed the acquisition of Sovos Brands, Inc. for $23 per share in an all-cash
transaction, which represents a total enterprise value of approximately $2.7
billion.

The Sovos Brands portfolio consists of a variety of premium products including
pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts under
the brand names Rao's, Michael Angelo's and noosa.

The acquisition of Sovos strengthens and diversifies Campbell's Meals &
Beverages portfolio with additional high-growth brands including premium
market-leading Rao's sauce, along with Michael Angelo's and noosa.

To drive the continued growth trajectory of these premium brands, the company
has formed a new business unit within the Meals & Beverages division called
Distinctive Brands. Risa Cretella from Sovos Brands will lead the new
Distinctive Brands unit.

Cretella most recently served as Chief Sales Officer at Sovos Brands. She will
report to Mick Beekhuizen, Campbell's Executive Vice President and President,
Meals & Beverages.

The transaction is expected to be accretive to adjusted diluted earnings per
share by the second year of ownership, excluding one-time integration expenses
and costs to achieve synergies. The company expects annualized cost synergies to
reach approximately $50 million over the next two years.

Campbell now plans to evaluate strategic alternatives for the noosa brand, as
stated when the acquisition was announced.



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