Mars, Incorporated, a family-owned, global leader in pet care, snacking and food, and Kellanova, a leader in global snacking, international cereal and noodles and North America frozen foods, announced that the U.S. Federal Trade Commission (FTC) has concluded its antitrust review of Mars’ pending acquisition of Kellanova.
In August 2024, Mars agreed to acquire Kellanova for $83.50 per share in cash, for a total consideration of $35.9 billion. Kellanova had 2023 net sales of more than $13 billion, with a presence in 180 markets and approximately 23,000 employees. Mars had 2023 net sales of more than $50 billion.
Poul Weihrauch, CEO and Office of the President, Mars, Incorporated, said: “We are very pleased that the FTC has completed its review of the transaction without the imposition of any condition or requiring any remedy. The transaction has now received all but one of the 28 required regulatory clearances, with only the review by the European Commission outstanding. This brings us one step closer to uniting two iconic businesses with complementary footprints and portfolios, allowing us to deliver more choice and innovation to consumers.”
Steve Cahillane, Chairman, President and CEO, Kellanova, said: “This represents a significant milestone on our path to combine Mars Snacking and Kellanova. We continue to believe this is an exciting opportunity to create a broader, global snacking business that is better positioned to meet evolving consumer needs and preferences.”
Based on the current status of the ongoing antitrust review by the European Commission, Mars and Kellanova expect the transaction to close towards the end of 2025, subject to customary closing conditions. The exact timing cannot be predicted with any certainty at this point.
