About the combination
Mars, Incorporated and Kellanova have announced that they have entered into a definitive agreement under which Mars will acquire Kellanova. The transaction unites two iconic businesses with complementary categories, markets and portfolios of differentiated and beloved brands. The combination will bring together world-class talent with leading brand-building experience to further develop a sustainable snacking business that is fit for the future.
Historic combination will inspire more moments of everyday happiness for more consumers globally
Transaction Details
$35.9Billion
Total all-cash consideration
$83.50Per share
44% premium to Kellanova’s unaffected 30-trading day VWAP as of August 2, 2024
H12025
Anticipated close1
1 Subject to Kellanova shareholder approval and other customary closing conditions, including regulatory approvals
Strong Cultural Fit
People-focused cultures
Two values-based and purpose-led organizations
A shared dedication to creating a positive societal impact
Bringing together two complementary snacking portfolios
Kellanova is a leading company in global snacking, international cereal and noodles, North American plant-based foods, and frozen breakfast.
Mars is a global leader in snacking, pet care, and food.
*Billion-dollar brands.
1 Note: Select Kellanova and Mars Snacking brands/products.
This is a truly historic combination with a compelling cultural and strategic fit. 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.
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. 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.
Answering your questions
- Kellanova and Mars have 100-year-plus storied histories and beloved brands.
- Both have stood the test of time and have gone from strength to strength.
- Both businesses are performing well, have outstanding brands, people-focused cultures, complementary portfolios, a commitment to sustainability, a true sense of purpose, and a deep history of success over decades.
- This combination allows both businesses to achieve their full potential, and together, we will have an exciting and unique opportunity to meet the needs of billions of consumers with trusted, loved, and innovative products and create further opportunity for both businesses to achieve their full potential.
- Mars has a bold ambition to grow the snacking category responsibly by expanding into more snacking occasions and more snacking categories. Kellanova will be a cornerstone of that strategic vision, into which Mars will place a strong focus and investment in the years ahead.
- Mars is excited to combine our respective strengths – our complementary portfolios, routes-to-market, and R&D capabilities – to unlock more opportunities for innovation that is both consumer-centric and sustainability-minded.
- After closing, the plan is to bring Kellanova fully into Mars Snacking and combine our businesses.
- Andrew Clarke, Global President of Mars Snacking, will lead the combined business.
- A joint integration team of leaders from both Mars and Kellanova has been assembled to assess how best to combine Kellanova with the Mars Snacking business.
- Kellanova’s iconic brands and their strong legacies are part of what made Kellanova so attractive to Mars.
- Mars has no plans at this time to sunset any Kellanova brands.
- Mars Snacking remains headquartered in Chicago. The company has always had a large Chicagoland presence – Wrigley started in Chicago in 1891 and Mars has been in the city for almost 100 years.
- After closing, Battle Creek, MI, will remain a core location for the combined organization.
- As a company with a long history and deep roots into the communities in which they operate, Mars understands and appreciates the special role Battle Creek plays in the Kellanova culture, as well as the highly complementary category expertise that Kellanova talent brings.
- Kellanova and Mars currently anticipate that the merger will close within the first half of 2025.
- It remains business as usual for each company in all respects until the transaction closes.
- The transaction received Kellanova shareowner approval on November 1, 2024; however, it is still subject to other customary closing conditions, including regulatory approvals. Accordingly, there can be no assurances that the merger will be completed within the first half of 2025 or at all.
- After the closing of the transaction, Battle Creek, MI, will remain a core location for the combined organization. Mars Snacking remains headquartered in Chicago.
- Beyond that, no decisions have been made at this time. As we work to combine these two great companies, Mars’ long-term goal is to grow all aspects of the business.
- This announcement is the first step in the process toward bringing Kellanova into Mars.
- A joint integration team of leaders from both Mars and Kellanova has been assembled to assess how best to combine Kellanova with the Mars Snacking business.