Mars, the family-owned candy giant, has announced the acquisition of Cheez-It maker Kellanova in a landmark deal worth nearly $36 billion. This merger, the largest in the packaged food industry this year, unites iconic brands like M&M’s, Snickers, Pringles, and Pop-Tarts.
Mars will pay $83.50 per share for Kellanova, a 33% premium from its recent closing price. The deal reflects Mars’ confidence in continued consumer demand for branded snacks despite rising inflation, with the company aiming to maintain stable prices post-acquisition.
The merger is expected to close by mid-2025, with Kellanova joining Mars Snacking under the leadership of Global President Andrew Clarke. Kellanova’s current CEO, Steve Cahillane, will exit upon completion of the deal. The acquisition, Mars’ largest to date, follows a trend of consolidation in the U.S. food sector as companies seek scale in response to inflation and changing consumer habits.
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