Campbell Soup has completed the acquisition of Sovos Brands for $23 per share in an all-cash transaction. The deal represents a total enterprise value of approximately $2.7 billion. As previously reported by FoodBev, the two companies announced the acquisition in August 2022.
Chocolate manufacturers have raised prices for consumers due to three consecutive years of low cocoa harvests in the two countries responsible for nearly 60% of the world’s cocoa production, with a fourth poor harvest anticipated, causing cocoa prices to more than double over the past year.
The hub, which will focus on producing sweet proteins via precision fermentation, is part of a deal signed between Novel Foods, Glatt Group, BioEngineering and CB Consultancy during the inaugural Healthy Innovation Conference held recently in Dubai.