FX.co ★ Kellanova To Be Acquired By Mars For $35.9 Bln In Cash

Kellanova (K) announced on Wednesday the finalization of a definitive agreement for its acquisition by Mars, Inc. at $83.50 per share in cash, equating to a total of $35.9 billion, including assumed net leverage. This announcement has propelled the stock up by 7% in pre-market trading.

The transaction represents a 44% premium over Kellanova's unaffected 30-day average share price.

Upon completing the acquisition, Kellanova will become a part of Mars Snacking, led by Global President Andrew Clarke, with headquarters in Chicago.

Mars intends to finance the acquisition entirely through a combination of available cash and newly secured debt commitments.

The transaction is expected to be finalized in the first half of 2025, subject to shareholder and regulatory approvals.

In pre-market activity on the NYSE, shares are trading at $80.35, marking a 7.85% increase.