London CNN —Mars has agreed to buy Kellanova in a deal that values the maker of Cheez-It and Pringles at almost $29 billion.
The mega-deal will create a global snacks behemoth, adding a bevy of new nibbles to Mars’ portfolio of brands, which includes Snickers, M&M’s, and the Mars bar.
“The Kellanova brands significantly expand our snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Andrew Clarke, global president of Mars Snacking, said in a statement.
The Kellanova acquisition ranks in the top 10 global food and beverage mergers and acquisitions since 1995, according to Dealogic.
The Kellanova deal is expected to close in the first half of next year, subject to shareholder and regulatory approval.
Persons:
London CNN — Mars, Kellanova, ” Andrew Clarke, Mars Snacking, —, Burger King, ” Kellanova, Trü, Anna Cooban
Organizations:
London CNN, Reuters, Kellogg Company, MorningStar, Nestle, McDonald’s, Starbucks, Mars