Mars Inc. announced Wednesday that it will acquire snack maker Kellanova in a deal valued at $35.9 billion.

Mars, the company housing brands like Snickers, Pedigree, M&amp;M’s and Twix, said the deal it reached with Kellanova will involve paying <a href="https://www.foxbusiness.com/markets" target="_blank" rel="noopener">$83.50 per share.</a>

The move will help Mars lean further into the snacking category as it seeks to "double <a href="https://www.foxbusiness.com/category/food-drinks" target="_blank" rel="noopener">Mars Snacking</a> in the next decade," the company said.

<div><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/343/192/kellanova-logo.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/686/384/kellanova-logo.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/672/378/kellanova-logo.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/1344/756/kellanova-logo.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/931/523/kellanova-logo.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/1862/1046/kellanova-logo.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/720/405/kellanova-logo.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/1440/810/kellanova-logo.jpg?ve=1&amp;tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/931/523/kellanova-logo.jpg?ve=1&amp;tl=1" width="100%" height="auto"></picture></div> <div><p><span>A Kellanova logo is seen on a smartphone.</span><span> (Pavlo Gonchar/SOPA Images/LightRocket via Getty Images / Getty Images)</span></p></div>

The <a href="https://www.foxbusiness.com/category/mergers-and-acquisitions" target="_blank" rel="noopener">transaction is expected</a> to close in the first six months of 2025.

The move to acquire Kellanova will help Mars lean further into the snacking category as it seeks to "double Mars Snacking in the next decade," the company said.{ai:summary}<p>Mars Inc. is set to gobble up Kellanova, snagging the snack maker for a cool $35.9 billion. At $83.50 per share, it's a hefty bite towards doubling their snacking portfolio over the next decade.</p><p>The deal will wrap up by mid-2025, as Mars eyes a bigger piece of the munching market. #economy</p>

Mars to acquire Pop Tarts, Pringles maker Kellanova in $36B deal

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