Founded in 1911 and headquartered in McLean, Virginia, Mars operates in over 80 countries and is known for its leadership in various sectors, including confectionery, pet care, food, and beverages. Some of its most well-known brands include M&M's, Snickers, Pedigree, and Whiskas.

Kellanova, formerly known as Kellogg Company, is a leading global manufacturer of snacks and breakfast foods, with iconic brands such as Pringles, Corn Flakes, and Special K.

Mars has agreed to acquire Kellanova for $83.50 per share in cash, for a total consideration of $35.9B, The total consideration represents an acquisition multiple of 16.4x LTM adjusted EBITDA as of June 29, 2024. Did anyone see this mega deal coming?

Reuters: Mars to buy Pringles maker Kellanova for $36 billion in 2024's biggest deal