United States Federal Trade Commission (FTC) Approves Pet, Snacking & Food Giant Mars Acquisition of Pringles Parent Kellanova for $35.9 Billion, Pending European Union (EU) to Review Acquisition
26th June | Hong Kong
The United States Federal Trade Commission (FTC) has approved pet, snacking & food giant Marsacquisition of Pringles parent Kellanova for $35.9 billion, and is now pending European Union (EU) to review the acquisition. In 2025 August, Mars announced to buy Pringles parent Kellanova for $35.9 billion, representing a 44% premium to unaffected 30-day volume weighted average share price. Mars owns brands including Snickers and M&Ms. Kellanova owns brands including Pringles & Kellogg’s Rice Krispies Treats and Coco Pops. Announcement (14/8/24): “Mars, Incorporated, a family-owned, global leader in pet care, snacking and food, and Kellanova (NYSE: K), a leading company in global snacking, international cereal and noodles, North American plant-based foods and frozen breakfast foods, today announced that they have entered into a definitive agreement under which Mars has agreed to acquire Kellanova for $83.50 per share in cash, for a total consideration of $35.9 billion, including assumed net leverage. The transaction price represents a premium of approximately 44% to Kellanova’s unaffected 30-trading day volume weighted average price and a premium of approximately 33% to Kellanova’s unaffected 52-week high as of August 2, 2024. The total consideration represents an acquisition multiple of 16.4x LTM adjusted EBITDA as of June 29, 2024. Kellanova is home to iconic snacking brands including Pringles®, Cheez-It®, Pop-Tarts®, Rice Krispies Treats®, NutriGrain® and RXBAR®, as well as cherished food brands including Kellogg’s® (international), Eggo® and MorningStar Farms®. With roots dating back more than 100 years, Kellanova has a rich legacy of quality and innovation. Kellanova had 2023 Net Sales of more than $13 billion, with a presence in 180 markets and approximately 23,000 employees. Kellanova’s portfolio complements the existing Mars portfolio, which includes billion-dollar snacking and confectionery brands like SNICKERS®, M&M’S®, TWIX®, DOVE® and EXTRA®, as well as KIND® and Nature’s Bakery®. Mars also has 10 pet care brands with over $1 billion in sales, including ROYAL CANIN®, VCA®, PEDIGREE®, BANFIELD®, WHISKAS®, BLUEPEARL®, CESAR®, SHEBA®, ANICURA® and IAMS®. With more than 150,000 Associates across its Petcare, Snacking and Food businesses, Mars had 2023 Net Sales of more than $50 billion.”
“ United States Federal Trade Commission (FTC) Approves Pet, Snacking & Food Giant Mars Acquisition of Pringles Parent Kellanova for $35.9 Billion, Pending European Union (EU) to Review Acquisition “
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Pet, Snacking & Food Giant Mars to Buy Pringles Parent Kellanova for $35.9 Billion Representing 44% Premium to Unaffected 30-Day Volume Weighted Average Share Price, Mars Owns Brands Including Snickers and M&Ms, Kellanova Owns Brands Including Pringles & Kellogg’s Rice Krispies Treats and Coco Pops
16th August 2024 – Pet, snacking & food giant Mars has announced to buy Pringles parent Kellanova for $35.9 billion, representing a 44% premium to unaffected 30-day volume weighted average share price. Mars owns brands including Snickers and M&Ms. Kellanova owns brands including Pringles & Kellogg’s Rice Krispies Treats and Coco Pops. Announcement (14/8/24): “Mars, Incorporated, a family-owned, global leader in pet care, snacking and food, and Kellanova (NYSE: K), a leading company in global snacking, international cereal and noodles, North American plant-based foods and frozen breakfast foods, today announced that they have entered into a definitive agreement under which Mars has agreed to acquire Kellanova for $83.50 per share in cash, for a total consideration of $35.9 billion, including assumed net leverage. The transaction price represents a premium of approximately 44% to Kellanova’s unaffected 30-trading day volume weighted average price and a premium of approximately 33% to Kellanova’s unaffected 52-week high as of August 2, 2024. The total consideration represents an acquisition multiple of 16.4x LTM adjusted EBITDA as of June 29, 2024. Kellanova is home to iconic snacking brands including Pringles®, Cheez-It®, Pop-Tarts®, Rice Krispies Treats®, NutriGrain® and RXBAR®, as well as cherished food brands including Kellogg’s® (international), Eggo® and MorningStar Farms®. With roots dating back more than 100 years, Kellanova has a rich legacy of quality and innovation. Kellanova had 2023 Net Sales of more than $13 billion, with a presence in 180 markets and approximately 23,000 employees. Kellanova’s portfolio complements the existing Mars portfolio, which includes billion-dollar snacking and confectionery brands like SNICKERS®, M&M’S®, TWIX®, DOVE® and EXTRA®, as well as KIND® and Nature’s Bakery®. Mars also has 10 pet care brands with over $1 billion in sales, including ROYAL CANIN®, VCA®, PEDIGREE®, BANFIELD®, WHISKAS®, BLUEPEARL®, CESAR®, SHEBA®, ANICURA® and IAMS®. With more than 150,000 Associates across its Petcare, Snacking and Food businesses, Mars had 2023 Net Sales of more than $50 billion.”
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