MCLEAN, VA — Mars, Inc. is rumored to be considering an acquisition of Kellanova.

According to a report in the Wall Street Journal, the potential deal would value Kellanova at approximately $30 billion, making it one of the year’s biggest merger and acquisition (M&A) transactions.

The acquisition would mark a significant step in Mars’ strategy to expand its footprint in the snack industry, following its purchase of Kind Snacks and Nature’s Bakery in 2020. It would also reaffirm an uptick in M&A activity in the snack and beverage sector, which has been slow since the COVID-19 pandemic.

Since its separation from Kellogg Co. in 2023, Kellanova has focused on the snack industry, with brands such as Cheez-It, Pringles and Pop-Tarts. The company reached $13 billion in sales last year.

The possible acquisition remains a matter of speculation, as Kellanova has denied comment and Mars has not yet responded to inquiries.