$36 Billion Food Deal: M&M Maker to Acquire Conglomerate Behind Cheez-Its, Other Salty Snacks

Mars Inc., the maker of M&M's, is acquiring Kellanova, the company behind popular brands like Cheez-Its and Pop-Tarts, for nearly $36B.Photo byRobert AnaschonUnsplash

Mars Inc., the maker of M&M's, is acquiring Kellanova, the company behind popular brands like Cheez-Its and Pop-Tarts, for nearly $36 billion. This significant deal vastly expands Mars' portfolio of household-name brands, the companies announced.

Kellanova, formed last year after the Kellogg Co. split, sells many of the former company's most profitable products, including Pringles, Eggo, and Rice Krispies Treats. The company reported over $13 billion in net sales last year and employs approximately 23,000 people, according to Kellanova earnings reports.

Mars will pay $83.50 per share in cash, valuing the transaction at $35.9 billion, including debt. The deal is one of the largest of 2024, expected to close in the first half of next year, with Kellanova becoming part of Mars Snacking. Kellanova's headquarters will remain in Chicago, the company stated.