Mars, Incorporated, a family‑owned global leader in pet care, snacking and food, has completed its acquisition of Kellanova, whose portfolio includes Pringles, Cheez‑It, Pop‑Tarts, Rice Krispies Treats, RXBAR and Kellogg’s international cereal brands. This combination brings together two iconic businesses with popular brands and capabilities to shape the future of snacking.
Under the terms of the previously announced agreement, Mars agreed to acquire all outstanding equity of Kellanova in an all‑cash transaction valued at approximately USD 36 billion, including assumed net leverage, and at USD 83.50 per share in cash. The transaction had received shareholder approval and all required regulatory approvals as of 8 December 2025, and was completed on 11 December 2025.
The new Mars Snacking will operate in attractive snacking categories, adding Kellanova’s billion‑dollar brands such as Pringles, Cheez‑It and Kellogg’s to the Mars business. The existing Mars portfolio includes billion‑dollar snacking and confectionery brands such as Snickers, M&M’s, Twix, Dove, Skittles and Extra, as well as KIND and Nature’s Bakery. The addition also expands the portfolio of Mars Snacking’s Accelerator division with complementary brands like RXBAR, Nutri‑Grain bars and Special K bars.
Mars, Incorporated announced on 14 August 2024 that it had entered into a definitive agreement under which Mars would acquire Kellanova, and the transaction received Kellanova shareowner approval on 1 November 2024. All required regulatory approvals were obtained by 8 December 2025, allowing the transaction to be finalised.
“Today marks a transformative moment and I’m excited to welcome Kellanova to 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,” said Andrew Clarke, Global President of Mars Snacking.
