Mars to acquire Pop Tarts, Pringles maker Kellanova in $36B deal

Mars Inc. announced Wednesday that it will acquire snack maker Kellanova in a deal valued at $35.9 billion.

Mars, the company housing brands including Snickers, Pedigree, M&M’s and Twix, said the deal it reached with Kellanova will involve paying $83.50 per share.

The move will help Mars lean further into the snacking category as it seeks to "double Mars Snacking in the next decade, in alignment with global consumer demand trends," the company said.

"The Kellanova brands significantly expand our Snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth," Mars Snacking Global President Andrew Clarke said in a statement. "Our complimentary portfolios, routes-to-market and R&D capabilities will unleash enhanced consumer-centric innovation to shape the future of responsible snacking."

The transaction is expected to close in the first six months of 2025.

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Kellanova has been its own entity since October 2023, when the Kellogg Company officially split into Kellanova and another separate company comprising its North American cereal business, WK Kellogg Co.

Pringles, Cheez-It, Pop-Tarts and Eggo are among the brands under Kellanova’s umbrella. The companies also noted that Kellanova brings "new complementary products" like RXBAR and Nutrigrain that will help broaden Mars' current lineup of health and wellness snacks.

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Mars said on a website dedicated to the acquisition that it "has no plans at this time to sunset any Kellanova brands."

The two companies saw net sales of more than $63 billion combined in 2023, with Kellanova posting over $13 billion and Mars notching over $50 billion, they said in the press release.

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