Mars, maker of M&M's and Snickers, to buy Kellanova for nearly $30 billion
M&M's maker Mars is buying Kellanova, the maker of Cheez-Its and Pop-Tarts for nearly USD 30 billion, vastly expanding the number of household-name brands under one roof.
Kellanova was created last year when the Kellogg Co. split into three companies. Kellanova sells many of the former company's most profitable brands, including Pringles, Eggo, Town House, MorningStar Farms and Rice Krispies Treats. It had net sales of more than USD 13 billion last year and has approximately 23,000 employees.
Mars Inc. said Wednesday that it will pay USD 83.50 per share in cash. The company put the total value of the transaction at USD 35.9 billion, including debt.
It is the biggest deal in the sector since J.M. Smucker bought Hostess for USD 5.6 billion last year, and among the largest of 2024, coming in second to Exxon Mobil's USD 60 billion acquistion of Pioneer Natural Resources.
Mars' purchase of Kellanova is expected to close in the first half of next year. Once it's complete, Kellanova will