Mars, Incorporated has announced a definitive agreement to acquire Kellanova for $83.50 per share in cash, totaling $35.9 billion. This deal represents a 44% premium over Kellanova’s 30-day average share price and a 33% premium over its 52-week high as of August 2, 2024.
Kellanova, known for brands such as Pringles, Cheez-It, Pop-Tarts, and NutriGrain, recorded net sales exceeding $13 billion in 2023 and operates in 180 markets with about 23,000 employees. The acquisition will expand Mars’ portfolio, which includes brands like SNICKERS, M&M’S, and KIND, enhancing its global snacking and food presence.
Poul Weihrauch, CEO of Mars, stated, “This acquisition provides an opportunity to advance our sustainable snacking business and leverage Kellanova’s innovative portfolio. We look forward to integrating their strengths and delivering increased value to consumers.”
Steve Cahillane, Chairman and CEO of Kellanova, commented, “Joining Mars represents a historic alignment with a company that shares our values and commitment to growth. This transaction maximizes shareholder value and opens new opportunities for our stakeholders.”
Following the acquisition, Kellanova will be integrated into Mars Snacking, led by Global President Andrew Clarke. Clarke noted, “This merger will enhance our ability to meet consumer needs globally and drive growth through our expanded portfolio.”
The acquisition aligns with Mars’ strategy to double its snacking business over the next decade and complements its existing brand offerings. The integration is expected to foster innovation and expand market reach, including into emerging markets like Africa and Latin America.
Mars plans to uphold Kellanova’s sustainability commitments, aligning with its own environmental and social responsibility goals.