- Mars buys Pringles for $ 36 billion
U.S. food conglomerate Mars, Incorporated is set to acquire food manufacturer Kellanova. Shareholders of publicly-traded Kellanova will receive $83.50 per share, according to matching statements from both companies. The total transaction volume, including debt, amounts to $35.9 billion, or approximately €32.57 billion.
Mars is known in Germany for brands such as Airwaves and Wrigley's Extra chewing gum, chocolate bars (Mars, Snickers, Bounty), pet food (Whiskas, Chappi), and staple foods like rice (Uncle Ben's) and pasta dishes (Mirácoli). The company, which employs over 150,000 people, reported revenues of more than €45 billion in 2023. Consumers recognize Kellanova through brands like Pringles and Kellogg's. According to the statement, the company generated a net revenue of approximately €11.8 billion in 2023, operates in around 180 countries, and employs approximately 23,000 people.
The transaction includes all brands, assets, and business segments of Kellanova. The purchase agreement was unanimously approved by the company's board of directors. The acquisition is subject to the approval of Kellanova's shareholders, among other conditions, and is expected to be completed in the first half of 2025. Analysts do not anticipate significant issues with antitrust authorities, as the products have limited overlap.
Mars' expansion into consumer goods continues with the acquisition of Kellanova, known for brands like Pringles and Kellogg's. Following the deal, Mars' portfolio of consumer goods will significantly grow, encompassing an even wider range of items such as snacks, cereals, and more.
