MCLEAN, VA — Mars, Inc. and Kellanova have finalized a definitive agreement for Mars to acquire Kellanova for $83.50 per share, amounting to $35.9 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,” said Poul Weihrauch, CEO of 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.”
The acquisition aligns with Mars’ strategy to expand its footprint in the snack industry and will allow the company to differentiate its portfolio to meet growing consumer needs.
“This is a truly historic combination with a compelling cultural and strategic fit,” said Steve Cahillane, president and CEO of Kellanova. “Kellanova has been on a transformation journey to become the world’s best snacking company, and this opportunity to join Mars enables us to accelerate the realization of our full potential and our vision. The transaction maximizes shareholder value through an all-cash transaction at an attractive purchase price and creates new and exciting opportunities for our employees, customers, and suppliers. We are excited for Kellanova’s next chapter as part of Mars, which will bring together both companies’ world-class talent and capabilities and our shared commitment to helping our communities thrive. With a proven track record of successfully and sustainably nurturing and growing acquired businesses, we are confident Mars is a natural home for the Kellanova brands and employees.”
“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.”
— Poul Weihrauch | CEO | Mars, Inc.
Kellanova’s portfolio, which features snack brands such as Cheez-It and Pop-Tarts, complements Mars’ existing portfolio including Kind Snacks and Nature’s Bakery.
With 100 years of business under its belt, Kellanova has a presence in 180 markets and employs approximately 23,000 employees. Mars employs approximately 150,000 associates across its pet care, snacking and food businesses.
The two companies had a combined total of more than $63 billion in net sales in 2023.
“This is an exciting opportunity to create a broader, global snacking business, allowing Kellanova and Mars Snacking to both achieve their full potential,” said Andrew Clarke, global president of Mars Snacking. “Kellanova and Mars share long histories of building globally recognized and beloved brands. The Kellanova brands significantly expand our Snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth. Our complementary portfolios, routes-to-market and R&D capabilities will unleash enhanced consumer-centric innovation to shape the future of responsible snacking.”
This announcement comes after speculation rose from a report in the Wall Street Journal that valued Kellanova at approximately $30 billion.
Kellanova was formed in 2023 as part of the planned separation of Kellogg Co., serving as the global snacking division of the company.
