Kirkland & Ellis is advising Kellanova (NYSE: K), a leading manufacturer of snacks, international cereal and noodles, North American plant-based foods and frozen breakfast foods, on its $35.9 billion acquisition by Mars, Incorporated, a family-owned pet care, snacking and food company. The transaction was announced August 14, 2024. Under the terms of the agreement, Mars will acquire all outstanding equity of Kellanova for $83.50 per share in cash, including assumed net leverage. The transaction price represents a premium of approximately 44% to Kellanova’s unaffected 30-trading day volume weighted average price and a premium of approximately 33% to Kellanova’s unaffected 52-week high as of August 2, 2024. All of Kellanova’s brands, assets and operations are included in the transaction. The agreement has been unanimously approved by Kellanova’s Board of Directors. The transaction is subject to Kellanova shareholder approval and other customary closing conditions, including regulatory approvals, and is anticipated to close in the first half of 2025.

Kirkland has represented Kellogg for almost 25 years, during which time the Firm has advised on multiple transformative deals. Most recently, Kirkland advised Kellogg on the separation of Kellanova and its North American cereal business WK Kellogg (NYSE: KLG) into two independent publicly traded companies upon completion in October 2023.