Mars Inc., a family-owned snacking and food company, has agreed to take snack company Kellanova private for $36 billion. The transaction, announced Aug. 14, is expected to close in the first half of 2025. Mars was represented by Skadden, Arps, Slate, Meagher & Flom and Simpson Thacher & Bartlett. Kellanova, the owner of snacking brands including Pringles, Cheez-It and Pop-Tarts, was advised by Kirkland & Ellis. Cleary Gottlieb Steen & Hamilton counseled the W.K. Kellogg Foundation Trust, Kellanova's largest stockholder. Cravath, Swaine & Moore represented the financial advisers to Mars, which were J.P. Morgan Chase and Co. and Citi. Sullivan & Cromwell counseled Lazard, which acted as the financial adviser to Kellanova's board of directors.
Food, Beverage & Tobacco
August 14, 2024, 11:04 AM