Makers of Snickers and Pringles to merge in $36 billion food deal

Mars, the parent company of M&M's and Snickers, has reached an agreement to purchase Kellanova, the snack food division that Kellogg’s spun off last year, in a multibillion-dollar transaction that will form a major new global food powerhouse.
BRISTOL, UNITED KINGDOM - FEBRUARY 23: In this photo illustration Mars and Snickers chocolate bars are seen on February 23, 2016 in Bristol, England. The Mars company, which owns both brands, has announced a recall of chocolate products in 55 countries following the discovery of bits of plastic in a chocolate bar produced in one of the company's plants in Holland. (Photo by Matt Cardy/Getty Images) Photo credit (Photo by Matt Cardy/Getty Images)

Mars, the parent company of M&M's and Snickers, has reached an agreement to purchase Kellanova, the snack food division that Kellogg’s spun off last year, in a multibillion-dollar transaction that will form a major new global food powerhouse.

Announced on Wednesday, the acquisition is one of the largest in the food industry in recent years, valuing Kellanova at close to $36 billion, including debt—a significant premium over its share price prior to the initial rumors of the deal.

Kellanova's brand portfolio includes well-known names like Cheez-It, Pringles, and Eggo.

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Featured Image Photo Credit: (Photo by Matt Cardy/Getty Images)