Mars, Incorporated

Stories

Mars takes Kellanova private, creating a $36 billion snack supergiant

Family-owned acquirer; now ultimate parent of Kellanova and an expanded Mars Snacking division.

The company behind M&M's and Snickers just swallowed Pringles, Cheez-It and Pop-Tarts. Mars closed its $35.9 billion all-cash acquisition of Kellanov in December 2025, taking the Kellogg snack spin-off private and rolling its brands into an enlarged Mars Snacking empire. In early 2026, the combined company is moving quickly—industry analysts predict aggressive innovation in flavor mashups (think Pringles-branded candy bars or Cheez-It M&M's), alongside dual-branded marketing campaigns already planned for 2026.

Updated May 11

Private equity moves in: alternative asset giants remake the S&P 500

Money Moves

Acquiring Kellanova and expanding private control over global snack brands

Before the market opened on December 11, Ares Management — a private-credit powerhouse with nearly $600 billion under management — slid into the S&P 500, replacing Kellanov. Kellanov completed its $35.9 billion sale to Mars that day.

Updated May 10