Mars Inc., the global snack and candy giant, has agreed to acquire Kellanova, the maker of Pringles and Cheez-It, for $35.9 billion, including assumed debt. This landmark deal, announced Wednesday, marks a significant move in the snacking industry, allowing Mars to further shape the future of snacking.
Skadden Arps Slate Meagher & Flom LLP is acting as legal adviser to Mars, while Simpson Thacher & Bartlett LLP is providing debt financing counsel. On the other side, Kirkland & Ellis LLP is representing Kellanova in this high-profile transaction.
Mars Sees Opportunity in Snacking Market
Mars will purchase Kellanova’s shares at $83.50 each in cash, representing a 44% premium to Kellanova’s 30-day volume-weighted average price as of August 2. Following the announcement, Kellanova’s stock surged by 7.5% at the market’s opening on Wednesday, hitting $80.12 per share.
This transaction will bring together Mars’ popular brands, including Snickers, M&M’S, and Twix, with Kellanova’s beloved products like Pringles, Cheez-It, and Pop-Tarts. The merger is expected to close in the first half of 2025, pending shareholder and regulatory approvals.
