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Home » Mars to Acquire Cheez-It Maker Kellanova in $36 Billion Deal
News Update

Mars to Acquire Cheez-It Maker Kellanova in $36 Billion Deal

Mars Acquires Kellanova: A $36 Billion Deal to Expand in Global Snack Market with Brands Like Cheez-It, Pringles, and M&M's
News DeskBy News Desk17 August 2024No Comments2 Mins Read
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To reshape the packaged food industry, Mars, the iconic family-owned candy giant behind brands like M&M’s and Snickers, is set to acquire Kellanova, the maker of Cheez-It and Pringles, for nearly $36 billion.

Industry Context and Impact

The acquisition comes at a time when sales growth in the U.S. packaged food sector is slowing. Companies like Kraft Heinz, Mondelez, and Hershey have seen customers gravitate towards cheaper, private-label products due to tighter budgets. This strategic move by Mars is expected to consolidate popular brands like Twix, Bounty, and Milky Way chocolates with Kellanova’s snack portfolio, which includes Pop-Tarts, Rice Krispies Treats, and Eggo frozen waffles.

Future of Kellanova Under Mars

Following the completion of the deal, expected in the first half of 2025, Kellanova will be integrated into Mars Snacking, which is led by Global President Andrew Clarke and headquartered in Chicago. Kellanova, which separated from WK Kellogg in October 2023, focuses on salty snacks and cereal sales outside North America, while WK Kellogg retained the North American cereal business.

Financial Performance of Kellanova

In 2023, Kellanova reported net sales exceeding $13 billion, further highlighting the significance of this acquisition for Mars as it expands its footprint in the global snack and packaged food industry.

Antitrust Considerations

Legal experts believe the acquisition is unlikely to encounter significant antitrust hurdles, as there is minimal overlap between the product offerings of Mars and Kellanova. This should smooth the path for regulatory approval.

Details of the Deal

Mars will pay $83.50 per share in an all-cash transaction for Kellanova, representing a 33% premium over its closing price on August 2nd, before news of the potential deal broke. Kellanova’s shares rose by about 8% to $80.45 following the announcement. The equity value of the deal is estimated at $28.58 billion, according to Reuters.

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