Acquisition closed
Mars acquires Kellanova and 7 other brands (2025)
Mars completed the acquisition of Kellanova and 7 other brands on 11 December 2025 for $35.9 billion.[1][2]
Mars agreed in August 2024 to buy Kellanova for $83.50 a share in cash, a total enterprise value of $35.9 billion including assumed net leverage, and completed the purchase on 11 December 2025 after the last regulatory approvals arrived three days earlier. Kellanova became a wholly owned subsidiary of Mars and its shares left the New York Stock Exchange. The brands did not change hands individually: Pringles, Cheez-It, Pop-Tarts, RXBAR and the international Kellogg cereals stay with Kellanova, which is now a private family-owned company's snacking arm rather than a listed business.
The snack and cereal brands stay with Kellanova, which is now wholly owned by Mars; the ownership change is recorded on the company edge from Mars to Kellanova rather than by re-pointing each brand.
Deal facts
- Announced
- Closed
- Value
- $35.9 billion (enterprise value)
- Buyer
- Mars
- Seller
- public shareholders
- Assets
- Kellanova, Pringles, Cheez-It, Pop-Tarts, RXBAR, Nutri-Grain, Special K, Crunchy Nut
- Regulatory review
- None recorded
Ownership changes recorded from this deal
Who owns these brands today?
Sources (3) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] Mars Completes Acquisition of Kellanova — Mars, Incorporated, Official press release, published 11 December 2025; retrieved 16 September 2026.
- [2] Kellanova Form 8-K - completion of the merger with Mars, Incorporated — SEC EDGAR, SEC Form 8-K, published 11 December 2025; retrieved 16 September 2026.
- [3] Kellanova Form 8-K Exhibit 99.4 - Mars to acquire Kellanova — SEC EDGAR, SEC Form 8-K, published 14 August 2024; retrieved 16 September 2026.
Report a correction Opens a pre-filled GitHub issue. See our corrections policy.