Mars to Acquire Kellanova for $35.9 Billion

Mars Inc., the maker of M&M's and Snickers, will acquire Kellanova, the company behind Pringles and Cheez-Its, for $35.9 billion, marking one of the largest food industry deals in nearly a decade. The all-cash transaction values Kellanova at $83.50 per share and includes its entire portfolio of snacking brands, international cereals, and plant-based foods. The deal, expected to close in the first half of 2025, positions Mars to expand its reach into the salty snack market and diversify its product lineup beyond chocolates and pet food. This acquisition follows Kellanova's spin-off from Kellogg Co. last year and aims to leverage the strengths of both companies for enhanced consumer choice and innovation. Regulatory approvals are pending, but analysts expect the deal to go through due to minimal overlap between the companies' portfolios.