Mars, the company behind popular brands like M&M’s, Snickers, and Skittles, is acquiring food company Kellanova in a deal valued at almost $30 billion. This acquisition will provide Mars access to a wide range of consumer brands, including Cheez-Its and Pop-Tarts.
Kellanova was established after Kellogg Co., founded in 1906, split into three separate companies. Headquartered in Chicago, Kellanova owns several well-known brands such as Pringles, Town House, MorningStar Farms, and Rice Crispies Treats, with net sales exceeding $13 billion last year.
Mars Inc. announced on Wednesday that it will pay $83.50 per share in cash for Kellanova. The total worth of the agreement is estimated to be $35.9 billion.
The transaction is anticipated to be completed in the first half of the upcoming year.
