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Mars, the parent company of multiple popular snack and food brands, including Snickers, Kind, and M&Ms, announced on Wednesday that it is acquiring legacy snacking brand, Kellanova, for $35.9 billion in cash.
Related: Kellogg's CEO Suggests Americans Should 'Eat Cereal For Dinner' During Tough Economic Times
Kellanova is the parent company of brands like Pringles, Cheez-It, Rice Krispies Treats, and Pop-Tarts and has been in business for over 100 years.
"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," Mars Inc. CEO Poul Weihrauch said in a company release. "We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team."
Kellanova had an estimated total sales revenue of $13 billion in 2023 and two of its brands — Cheez-It and Pringles — are valued at over $1 billion each.
Mars did not say if there would be job cuts as a result of the merger. Kellanova currently employs an estimated 23,000 employees globally.
In October 2023, Kellogg announced that its North American cereal division would be named under WK Kellogg Co., and the global snack brand would be named Kellanova effectively splitting the company into two separate entities. WK Kellogg Co. is not a part of the deal.
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On Tuesday, before announcing the Kellanova acquisition, Mars said it would begin mass renovations on its global HQ in McLean, Virginia, to fulfill sustainability and expansion.
Mars brought in an estimated $50 billion in revenue during 2023.
