Global confectionery and pet food group Mars has struck a $36bn (£28bn) deal to buy snacking giant Kellanova.
The sector-rattling agreement dwarfs Mars’ $23bn takeover of Wrigley in 2008 and represents the largest single transaction in the FMCG space since the $45bn merger of Kraft Heinz in 2015.
With roots dating back more than 100 years, Kellanova is home to countless, iconic snack brands including Pringles, Cheez-It, Pop-Tarts and NutriGrain as well as Kellogg’s (international). With a presence in 180 markets, it posted 2023 net sales of more than $13 billion.
Mars CEO Poul Weihrauch, said: “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.”
Kellanova was separated from WK Kellogg late last year and sells snacks and cereals outside of North America. WK Kellogg was left with the North American cereal business of Kellogg, the original parent company. Upon completion of the transaction, Kellanova will become part of Mars Snacking, led by Global President Andrew Clarke and headquartered in Chicago.
Steve Cahillane, Chairman, President and CEO of Kellanova, added: “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.”
According to the companies, the deal is projected to close in the first half of 2025.
 agreement to buy snacking giant Kellanova.){kind=link}