Kellogg’s is selling its snack food brands to Mars Inc. The two large snack companies in the US announced this huge acquisition on Wednesday. Mars announced that it would be acquiring Kellanova (K), the iconic snack food brand created as a new entity in 2023 to focus on snacks, while the second entity, WK Kellogg Co., would focus on cereal.

Mars said that it would purchase all of Kellanova’s outstanding equity. It is offering $83.50 per share in cash. The transaction will amount to $35.9 billion, including debt.

Mars makes snacks such as Snickers, Twix, Dove, M&Ms, Extra, Kind, and Nature’s Bakery. It also has pet brands such as Pedigree, Whiskas, Cesar, and Royal Canin.

Kellanova makes popular snacks such as Pringles, Cheez-it, Pop-Tarts, NutriGrain, Rice Krispies Treats, and RXBAR. It also has brands such as Kellogg’s (International), Eggo, and Morning Star Farms.

Mars is a global company owned by the Gund family, while Kellanova is a publicly traded company, and its Board of Directors has approved the agreement.

According to the company press release, Poul Weihrauch, CEO and Office of the President of Mars Incorporated, said they would “…honor the heritage and innovation behind Kellanova’s incredible snacking and food brands” and more.

Steve Cahillane, Chairman, President, and CEO of Kellanova, called it a “historic combination with a compelling cultural and strategic fit” and more.

Kellanova will become part of Mars Snacking. Global President Andrew Clark will head it, and its headquarters will be in Chicago.

CWEB believes combining sweet and salt will be a winning proposition for both companies. As the products do not overlap, it will most probably pass regulatory scrutiny. The deal between Mars Inc. and Kellanova will be completed next year. After it is closed, Battle Creek, MI, will continue to be a core location for the new combination.

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