We are advising Campbell Soup on the acquisition

Davis Polk is advising Campbell Soup Company on its acquisition of Sovos Brands, Inc. for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion. The closing of the transaction, which is expected by the end of December 2023, is subject to Sovos Brands stockholder approval and customary closing conditions, including regulatory approvals.

Headquartered in Camden, New Jersey, since 1869, generations of consumers have trusted Campbell to provide delicious and affordable food and beverages. Campbell’s portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8.

Sovos Brands is a consumer packaged food company focused on acquiring and building disruptive growth brands that bring today’s consumers great tasting food that fits the way they live. The company’s product offerings include a variety of pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts, all of which are sold in North America under the brand names Rao’s, Michael Angelo’s and noosa.

The Davis Polk corporate team includes partners John D. Amorosi and Daniel Brass and associates Heather Weigel and Edwin P. Paillant. Partner Travis Triano and associate Elizabeth Smith are providing executive compensation advice. Partner Frank J. Azzopardi is providing intellectual property advice. Partner Kara L. Mungovan is providing tax advice. Partner Howard Shelanski is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.