Update: Mars Inc. announced on Thursday that it had completed its acquisition of Kellanova.
“Today marks a transformative moment and I’m excited to welcome Kellanova to Mars,” said Andrew Clarke, global president of Mars Snacking. “United by more than a century of pioneering new categories and building iconic brands, Mars and Kellanova are joining forces to shape the future of snacking. With more than 50,000 Mars snacking associates and partners around the world, we’re now positioned to bring consumers more of the brands they love and new innovations—while continuing to advance our sustainability commitments and invest for the long term.”
Mars Inc. has received unconditional approval from the European Commission for its pending $36 billion acquisition of Kellanova, the companies said Monday. As a result, all required regulatory approvals and clearances for the pending transaction have been obtained.
McLean, Virginia-based Mars and Chicago-based Kellanova anticipate closing the pending transaction on Thursday, subject to closing conditions, the companies said.
Mars is a global leader in pet care, snacking and food. Kellanova is a leading company in global snacking, international cereal and noodles; North American plant-based foods; and frozen breakfast foods. It is home to snacking brands including Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, NutriGrain and RXBAR, as well as food brands including Kellogg’s international, Eggo and MorningStar Farms.
Upon close, Kellanova’s portfolio of snacking brands will join the existing Mars Snacking portfolio, which includes brands like Snickers, M&M’s, Twix, Skittles, Extra and Kind.
Following the close of the pending transaction, Mars expects the combined snacking business to generate around $36 billion in annual revenues, with a portfolio that includes nine billion-dollar brands.
Mars Snacking will continue to be headquartered in Chicago and will operate in more than 145 markets, serving millions of consumers. With a team of more than 50,000 associates, it will operate 80 global production facilities and more than 170 retail outlets like Hotel Chocolat and M&M’s World.
“We are excited to have received final regulatory approval for the pending acquisition of Kellanova,” said Poul Weihrauch, CEO and office of the president of Mars Inc. “Our focus now turns to welcoming Kellanova employees to Mars and creating an even more innovative global snacking business that delivers greater choice and quality to more consumers around the world.”
The companies announced on Aug. 14, 2024 that they had entered into a deal under which Mars agreed to acquire Kellanova for $83.50 per share in cash, for a total price of $35.9 billion. Upon completion of the transaction, Kellanova would become part of Mars Snacking and be led by Global President Andrew Clarke.
The pending transaction received Kellanova shareowner approval on Nov. 1, 2024. The pending merger received the final of all 28 required regulatory approvals and clearances on Monday. Following the completion of the pending transaction, which remains subject to customary closing conditions, Kellanova’s common stock will be delisted and will cease trading on the New York Stock Exchange.
Clarke said, “Today marks an extraordinary milestone and the culmination of years of work for many of our associates. We can’t wait to welcome Kellanova talent to Mars and create a shared, global snacking leader with a beloved range of brands. We’ve said all along that Mars Snacking and Kellanova will be better together, building on the strength of our respective legacies and capabilities to unlock new possibilities and drive growth.”
Steve Cahillane, chairman, president and CEO of Kellanova, said, “This combination will bring together two purpose-driven and principles-led companies. Serving as Kellanova’s chairman, president and CEO has been a true honor, and I’m looking forward to seeing Kellanova people and brands thrive as part of Mars Snacking.”
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