Mars, whose brands include M&M’s, Snickers and Skittles, is acquiring food company Kellanova in a deal valued at nearly $30 billion, providing access to a diverse portfolio of consumer brands 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 when the Kellogg Co. divided into three companies last year. Kellanova, based in Chicago, is home to numerous brands, including Pringles, Town House, MorningStar Farms, and Rice Krispies Treats. It recorded net sales of over $13 billion last year and employs around 23,000 people.
Mars Inc. announced on 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 projected to close in the first half of next year. Upon completion, Kellanova will integrate into Mars Snacking and will retain its headquarters in 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/P
