Mars, the corporate behind M&M’s and Snickers, has agreed to purchase Pringles maker Kellanova in a virtually $36 billion deal, marking the biggest buyout in the packaged meals trade.

The all-cash supply, introduced on Wednesday, is the largest-ever acquisition for the family-owned sweet big. Kellanova acknowledged in a regulatory submitting that its shareholders would obtain $83.50 per share in money, representing a 33% premium over the inventory’s closing worth on August 2, prior to Reuters’ preliminary report of a possible takeover. The deal values Kellanova at $35.9 billion, together with debt.

Kellanova was established final 12 months when Kellogg’s spun off its North American cereal enterprise, now referred to as WK Kellogg Co., from its snack enterprise, which was rebranded as Kellanova.

Kellanova boasts a various portfolio of manufacturers, together with Pringles, Cheez-It, and Eggo.

“The Kellanova brands significantly expand our snacking platform, allowing us to more effectively meet consumer needs and drive profitable business growth,” stated Andrew Clarke, world president of Mars Snacking, in a press release.

Mars, a privately owned firm, has been increasing past its confectionery roots. In 2020, it acquired Kind North America, the maker of Kind Bars. The firm has additionally invested closely in its substantial pet care division, which incorporates the Iams pet meals model, together with animal clinics and hospitals.

“In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity to further develop a sustainable snacking business that is fit for the future,” stated Poul Weihrauch, CEO of Mars.

“We will honor the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers.”

Mars famous that the deal, pending approval from Kellanova’s shareholders and regulatory authorities, will broaden its portfolio of well being and wellness-linked manufacturers that attraction to youthful customers and assist meet demand in quickly rising markets like Africa and Latin America.

“Snacking is a large, attractive, and durable category that continues to grow in importance with consumers,” Kellanova acknowledged.

Steve Cahillane, president and CEO of Kellanova, remarked, “This is a truly historic combination with a compelling cultural and strategic fit.”

Kellanova, which operates in 180 markets, generated greater than $13 billion in income final 12 months and employs roughly 23,000 individuals.