Mars to Acquire Kellanova

Mars, Incorporated, a family-owned global leader in pet care, snacking, and food, and Kellanova, a leading company in global snacking, international cereal and noodles, North American plant-based foods, and frozen breakfast foods, today announced the signing of a definitive agreement under which Mars will pay $83.50 per share in cash for Kellanova, for a total consideration of $35.9 billion, including assumed net leverage.

The existing Mars portfolio, which includes billion-dollar refreshment and confectionery brands such as SNICKERS®, M&M'S®, TWIX®, DOVE®, and EXTRA®, as well as KIND® and Nature's Bakery®, is complemented by Kellanova's portfolio. Mars also boasts ten pet care brands that generate over $1 billion in revenue, including ROYAL CANIN®, VCA®, PEDIGREE®, BANFIELD®, WHISKAS®, BLUEPEARL®, CESAR®, SHEBA®, ANICURA®, and IAMS®. Mars' 2023 Net Sales exceeded $50 billion, with over 150,000 associates employed in its Petcare, Snacking, and Food businesses.

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. 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. Poul Weihrauch, CEO and Office of the President of Mars, Incorporated

Snacking is a category that is broad, appealing, and long-lasting, and it is increasingly significant to consumers. Mars Snacking, which is headquartered in Chicago and is headed by Global President Andrew Clarke, will incorporate Kellanova upon the transaction's completion. This will enable Mars to introduce even more beloved brands to a broader global audience. Mars is committed to utilizing its established brand-building strategy to further develop and expand Kellanova's brands. This will involve the introduction of additional healthier nutrition options to accommodate the changing preferences and tastes of consumers, as well as the acceleration of innovation to accommodate these changes. Additionally, Mars plans to invest locally to broaden its reach.

Source: Mars, Incorporated and its Affiliates