M&A · Industrials · Grain Mill Products
Mars, Incorporated to acquire Kellanova
Announced Aug 14, 2024 · Closed Dec 11, 2025
Deal value$35.90BEV $33.52B
Premium33.0%To unaffected price
EV / Adj. EBITDA17.0x2.9x EV / Revenue
ConsiderationAll cash$83.50 per share
Transaction
- Acquirer
- Mars, Incorporated
- Target
- Kellanova (K)
- Buyer type
- Strategic
- Offer price per share
- $83.50
- Enterprise value
- $33.52B
- Status
- Closed Dec 11, 2025
Deal protections
- Break fee (target pays)
- $800M · 2.2%
- Reverse fee (buyer pays)
- $1.25B · 3.5%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Citigroup
Advisors
- To the acquirer
- Citigroup
- To the target
- Goldman Sachs, Lazard
- Goldman Sachs fee
- $93.2M
- Lazard fee
- $10.0M
Sector context · Industrials
- Comparable deals
- 83 in the prior 24 months
- Premium
- 33.0% vs. 35.0% sector median
- EV / Adj. EBITDA
- 17.0x vs. 11.1x sector median
- Break fee
- 2.2% vs. 2.8% sector median
Timeline
- AnnouncedAug 14, 2024
- Proxy filedSep 11, 2024
- Definitive proxySep 26, 2024
- Shareholder voteNov 1, 2024
- ClosedDec 11, 2025
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$68.42$83.82
Future share priceGoldman Sachs$60.93$90.01
Premiums paidGoldman Sachs$71.80$83.13
Premiums paidGoldman Sachs$58.81$118.63
Discounted cash flowLazard$69.60$79.10
Trading comparablesLazard$57.20$73.80
Trading comparablesLazard$55.90$75.70
Precedent transactionsLazard$78.10$90.20
Premiums paidLazard$75.60$85.10
Offer $83.50
Implied value per Kellanova share by analysis, from Goldman Sachs and Lazard · DCF discount rate 6%–7%.