Under the agreed terms of the transaction, which is expected to be completed in the first half of 2025, Mars will acquire 100% of Kellanova's outstanding share capital at a price of US$83.50 per share in cash.

US group Mars, owner of brands such as M&Ms and Whiskas, has reached an agreement to acquire Kellanova, a company spun off from the Kellogg Group a year ago and owner of 'Pringles', with a valuation of US$ 35.9 billion, including the company's debt, according to the two companies.

Under the agreed terms of the transaction, which is expected to be completed in the first half of 2025, Mars will acquire 100% of Kellanova's outstanding share capital at a price of US$83.50 per share in cash.

The deal has been unanimously approved by Kellanova's board of directors, although the transaction is subject to the approval of the company's shareholders and customary closing conditions, including regulatory approvals.

In this regard, WK Kellogg Foundation Trust and the Gund family have entered into agreements under which they undertake to support the transaction with their shares, which represent 20.7% of Kellanova's share capital.

All of Kellanova’s brands, assets and operations, including its snack brands, international cereal portfolio, North American plant-based foods and frozen breakfasts, are included in the transaction.

Poul Weihrauch, CEO and President of Mars, said the acquisition of Kwellanova represents a substantial opportunity for Mars to continue to develop a sustainable snacks business that is fit for the future.

For his part, Steve Cahillane, president and CEO of Kellanova, considers that this is "a truly historic combination" with a compelling cultural and strategic fit.

"This opportunity to join Mars allows us to accelerate the realization of our full potential and vision. The transaction maximizes shareholder value through an all-cash transaction at an attractive purchase price," he added.