Mars Inc. Acquires Kellanova, an Offshoot of Kellogg Company, for $36 Billion

People visit the M&M store in Times Square In New York, on July 24, 2014. Spencer Platt/Getty Images

The maker of M&Ms and Snickers candies has announced it will acquire the company behind well-known brands like Pringles chips , Cheez-It crackers, and Pop-Tarts in a massive $35.9 billion deal.

Mars Inc., a well-known brand dealing in categories such as snacks, pet care, and food, revealed in a press release on Aug. 14 that it has reached an agreement to purchase Kellanova, another prominent name in global snacking and food products.

Kellanova is an offshoot of the former Kellogg Company, formed in October 2023 when Kellogg Company separated its North American cereal business from the greater food and snack side of the company.

The brands under Kellanova have a 100-plus year legacy with iconic American brands serving markets in 180 countries and employing approximately 23,000 people, according to the press release.

Kellanova had more than $13 billion in net sales in 2023, according to the release, and is most known for its portfolio of brands including Rice Krispies Treats, NutriGrain, Eggo waffles, and MorningStar Farms plant-based foods.

Poul Weihrauch, CEO of Mars, expressed enthusiasm about the acquisition.

“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,” Weihrauch said.

“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.”

Mars is a family-owned company that averages around $50 billion in annual sales, according to the announcement, and the acquisition will allow the brand to expand its reach in the global snacking market.

Mars’s established brands include Twix and Dove as well as pet care brands such as Pedigree, Cesar, and IAMS. The company said that the acquisition of Kellanova is set to enhance Mars’s ability to cater to “evolving consumer tastes and preferences.”

Steve Cahillane, Kellanova’s chairman, president, and CEO, said that there is a strong cultural and strategic alignment between the two companies.

“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,” Cahillane said.

The acquisition is expected to close in the first half of 2025 and is still subject to approval by Kellanova shareholders and regulatory authorities. Once completed, Kellanova will become part of Mars Snacking and headquartered in Chicago.

Mars plans to finance the acquisition through a mix of cash and new debt, according to the release.