Mars, whose brands include M&M’s, Snickers and Skittles, is acquiring food company Kellanova for nearly $30 billion. This deal provides access to a wide range 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 as part of the Kellogg Co. split last year. Based in Chicago, Kellanova owns prominent brands like Pringles, Town House, MorningStar Farms, and Rice Krispies Treats. The company boasted net sales of over $13 billion last year and employs approximately 23,000 people.
Mars Inc. has agreed to pay $83.50 per share in cash for the acquisition, valuing the transaction at $35.9 billion in total.
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The deal is anticipated to close in the first half of the upcoming year. Post-acquisition, Kellanova will become part of Mars Snacking and will retain its headquarters in Chicago.
