Mars, renowned for brands like M&M’s, Snickers, and Skittles, is acquiring food company Kellanova in a transaction valued at nearly $30 billion. This acquisition grants Mars access to a vast array of consumer brands ranging from Cheez-It to Pop-Tarts.
FILE – This Oct. 14, 2014, photo shows Cheez-It crackers in Concord, N.H. (AP Photo/Matthew Mead, File)
Kellanova was established after the Kellogg Co. split into three entities last year. Kellanova, headquartered in Chicago, houses numerous brands such as Pringles, Town House, MorningStar Farms, and Rice Krispies Treats. It generated over $13 billion in net sales last year and has about 23,000 employees.
Mars Inc. announced Wednesday that it will pay $83.50 per share in cash. The total value of the deal is estimated at $35.9 billion.
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The transaction is anticipated to close in the first half of the next year. Once finalized, Kellanova will join Mars Snacking, continuing to operate from Chicago.
FILE – In this April 5, 2011 file photo, Pringles chips are seen in a posed photo at a West Bath, Maine grocery store. (AP Photo/Pat Wellenbach, File)
