- Kellanova (K) to be acquired by Mars for $83.50/share in cash, or total consideration of $35.9 billion, including debt.
(Reuters) - Family-owned candy giant Mars is buying Cheez-It maker Kellanova (K.N), opens new tab in a nearly $36 billion deal, bringing together brands from M&M's and Snickers to Pringles and Pop-Tarts in the year's biggest deal to date.
Mars said on Wednesday it will pay $83.50 per share for Kellanova (K.N), opens new tab, representing about a 33% premium to its closing price on Aug. 2 before Reuters first reported that Mars was exploring a deal for the for the maker of frozen breakfast foods, such as Morningstar Farms and Eggo.
Kellogg's was split into two companies on October 2, 2023, with WK Kellogg Co owning the North American cereal division, and the existing company being rebranded to "Kellanova", owning snack brands such as Pop-Tarts and Pringles alongside the international cereal division. The purpose of the split was to separate the faster growing convenience food, and international cereal products market, from the slower growth North American cereal market. "Kellogg's" itself became a brand name of both companies.
