Mars Acquiring Kellanova

The existing Mars portfolio includes such popular snacking and confectionery brands as M&M’s.

Family-owned Mars Inc., a global leader in pet care, snacking and food, and Kellanova, a top company in worldwide snacking, international cereal and noodles, North American plant-based foods, and frozen breakfast foods, have entered into a definitive agreement under which Mars will acquire Kellanova for $83.50 per share in cash, for a total consideration of $35.9 billion, including assumed net leverage. According to the companies, this is the largest acquisition of 2024 to date, while analysts described it as the largest CPG transaction since the merger between Kraft and H.J. Heinz in 2015. 

Comprising such famous snacking brands as Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, NutriGrain and RXBar, as well as beloved food brands including Kellogg’s (international), Eggo and MorningStar Farms, Kellanova had 2023 net sales of more than $13 billion, with a presence in 180 markets and around 23,000 employees. Its brands complement the existing Mars portfolio, which includes such popular snacking and confectionery brands as Snickers, M&M’s, Twix, Dove and Extra, along with Kind and Nature’s Bakery. Mars also has 10 pet care brands with more than $1 billion in sales, among them Royal Canin, VCA, Pedigree, Banfield, Whiskas Bluepearl, Cesar, Sheba, Anicura and Iams. With more than 150,000 associates across its pet care, snacking and food businesses, Mars reported 2023 net sales of more than $50 billion.

“In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future,” noted Poul Weihrauch, CEO and office of the president of McLean, Va.-based Mars. “We will honor the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers. We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team.”

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