Mars Acquires Kellanova for $35.9 Billion

Mars, Inc. has announced its agreement to acquire Kellanova for $83.50 per share, valuing the transaction at $35.9 billion, including assumed debt. This acquisition, which reflects a significant premium over Kellanova’s recent trading prices, will enable Mars to expand its portfolio beyond sweets to include a variety of snack foods, such as Cheez-It and Pringles. Kellanova, which generated over $13 billion in revenue last year and employs around 23,000 people, was formed after a split from Kellogg's in 2023. The deal is expected to close in the first half of 2025, pending shareholder and regulatory approvals, and will result in Kellanova ceasing to be a publicly traded company. Both companies have reported strong sales growth despite economic challenges, making the acquisition strategically beneficial for Mars. Mars, known for its candy brands, aims to develop a sustainable snacking business that complements its existing product lines.