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Mars to Acquire Kellanova for $36 Billion at $83.50/Share, 43.6% Premium

Aug 14, 2024, 12:01 PM

Mars, the family-owned candy giant known for brands like M&M's and Snickers, has agreed to acquire Kellanova, the maker of popular snacks such as Pringles, Cheez-It, and Pop-Tarts, in a deal valued at nearly $36 billion. The acquisition, which includes debt, is set to be one of the largest in the packaged food industry. Mars will pay $83.50 per share in cash for Kellanova, representing a 43.6% premium on its stock price. This deal will significantly expand Mars' portfolio, bringing together some of the biggest consumer brands under one roof. The transaction values Kellanova at 15.1x EBITDA.