Mars Completes Acquisition of Kellanova for $29.3 Billion

Mars, Incorporated has completed the acquisition of Kellanova for $29.3 billion. The deal involves Mars acquiring all outstanding equity of Kellanova for $83.50 per share in cash, representing a total enterprise value of $35.9 billion. Mars obtained debt financing commitments for the transaction and intends to use the net proceeds from a private offering of senior notes to fund the acquisition. The closing is subject to receipt of Kellanova stockholder approval and other customary conditions. The transaction is expected to close within the first half of 2025.