Campbell and Sovos Brands Certify Substantial Compliance With Second Request From FTC; Begins The Start of 30-Day Waiting Period

Campbell Soup Company (NYSE:CPB) and Sovos Brands, Inc. (NASDAQ:SOVO) today announced that both companies have certified substantial compliance with the Request for Additional Information and Documentary Materials ("Second Request") issued by the Federal Trade Commission (FTC) regarding Campbell's proposed acquisition of Sovos Brands.

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The certification of substantial compliance triggers the start of a 30-day waiting period which is expected to expire on March 11, 2024, after which the sale can be finalized. Subject to the satisfaction or waiver of customary closing conditions, the companies expect to complete the transaction within days of the March 11, 2024 expiration date.

"We're excited to be one step closer to completing the acquisition and welcoming the talented Sovos Brands employees to Campbell's team," said Campbell's President and CEO Mark Clouse. "The Sovos Brands portfolio strengthens our Meals & Beverages division, and paired with our fast-growing Snacks division, will create one of the best portfolios in the industry and make Campbell one of the most dependable, growth-oriented names in food."

"We are delighted to reach this critically important milestone in the completion of the acquisition. We remain highly confident in Campbell's ability to continue bringing our products to more households and further building on our track record as one of the fastest growing food companies of scale in the United States," commented Todd Lachman, Founder and Chief Executive Officer of Sovos Brands, Inc.