Kellanova acquired by Mars, Incorporated
Mars, Incorporated acquired Kellanova, an United States & Global snacks brand, on Dec 11, 2025.
Transaction summary
- Target
- Kellanova
- Acquirer
- Mars, Incorporated
- Announced
- 2024-08-14
- Geography
- United States & Global
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- 100%
- First added
- 2026-10-31
- Latest update
- 2026-10-31
Value and multiples
100% enterprise value
USD 36B
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
2.76x
Period: varies by source
Basis: Public source
EV / EBITDA
16.4x
EBITDA: normalised / adjusted
Basis: Public source
Basis
- Reported value: US$35.9bn enterprise value. Multiples use revenue of US$13bn (FY2023) and EBITDA of US$2.19bn (LTM).
Source summary
Kellanova Form 8-K Exhibit 99.4 (Mars/Kellanova announcement, 2024-08-14)
ConfirmedMars has agreed to acquire Kellanova for $83.50 per share in cash, for a total consideration of $35.9 billion, including assumed net leverage.
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