Mars, maker of M&M’s and Snickers, to buy Cheez-It owner Kellanova for nearly $30 billion
By MICHELLE CHAPMAN
Mars, whose brands include M&M’s, Snickers and Skittles, is buying food company Kellanova in a deal worth nearly $30 billion, giving it access to a huge portfolio of consumer brands from Cheez-Its to Pop-Tarts.
Kellanova was created when the Kellogg Co., which was formed in 1906, split into three companies. Kellanova, based in Chicago, houses many brands, including Pringles, Town House, MorningStar Farms and Rice Crispies Treats. It had net sales of more than $13 billion last year.
Mars Inc. said Wednesday that it will pay $83.50 per share in cash. The company put the total value of the transaction at $35.9 billion.
The deal is expected to close in the first half of next year.
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