Mars to acquire Kellanova for $35.9b

The acquisition will enhance Mars' existing portfolio.

Mars Incorporated has agreed to acquire Kellanova for $83.50 per share in a cash.

The deal, valued at $35.9 billion including assumed net leverage, represents a premium of approximately 44% over Kellanova’s unaffected 30-day volume-weighted average price and a 33% premium over its unaffected 52-week high as of 2 August. The transaction equates to an acquisition multiple of 16.4 times Kellanova’s last twelve months adjusted EBITDA as of 29 June 29.

Kellanova, known for its iconic snacking brands such as Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, NutriGrain, also boasts a robust portfolio of food brands including Kellogg’s (international), Eggo, and MorningStar Farms. With over 100 years of history, Kellanova generated net sales exceeding $13b in 2023 and operates in 180 markets with approximately 23,000 employees.

The acquisition will enhance Mars' existing portfolio, which includes billion-dollar brands like SNICKERS, M&M’S, TWIX, and DOVE. Mars, with over 150,000 employees across its petcare, snacking, and food divisions, reported net sales of more than $50b in 2023.