Less than a year after it was spun off by Kellogg Co., Chicago-based Kellanova is set to be acquired by Mars, the companies announced Wednesday.
Mars will buy Kellanova in a deal worth nearly $36 billion. The transaction is expected to close during the first half of 2025.
The deal will bring Mars, the maker of Skittles and M&Ms, a portfolio of household-name snack brands including Cheez-It, Pop-Tarts and Rice Krispies Treats. Kellanova’s portfolio also includes plant-based brand MorningStar Farms, which Kellogg had initially planned to spin off into a separate third company but kept amid declining sales.
Kellanova is headquartered in Chicago, with offices at 412 N. Wells St. in River North.
Mars Snacking is headquartered in Chicago, and Mars Snacking Global President Andrew Clarke will lead the companies after the transaction closes.
“The Kellanova brands significantly expand our Snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Clarke said in a statement Wednesday.
Kellanova did not provide details about the impact of the impending merger on Chicago offices and employment.