Kellanova (K)

Kellanova was the snacking, international cereal and noodles and frozen foods company formed when WK Kellogg Co was spun off from the Kellogg Company in October 2023. The Kellogg Company itself was founded in 1906 in Battle Creek, Michigan, by W.K. Kellogg, and the continuing business adopted the name Kellanova and moved its headquarters to Chicago.

Its brands included Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, Eggo, Morningstar Farms, RXBAR and Kellogg's cereal outside North America, as well as noodle brands sold in markets such as Africa and Australia. It sold products in more than 180 countries through retailers and distributors, with segments in North America, Europe, Latin America and Asia-Pacific, Middle East and Africa.

Kellanova traded on the New York Stock Exchange under the symbol K. The 2023 separation was intended to focus the company on faster-growing snacks while the North American cereal business operated as a separate entity. Kellanova pursued growth in snacks and international markets.

On August 14, 2024 Mars, Incorporated, the privately held maker of M&M's, Snickers and Pedigree, agreed to buy Kellanova for $83.50 per share in cash, an enterprise value of about $35.9 billion including debt. Mars said the deal would combine snacking portfolios. The transaction needed regulatory approval in many jurisdictions.

Regulators in the United States and Europe reviewed the transaction at length, and the European Commission opened an in-depth investigation before giving approval in the second half of 2025. Mars financed the purchase with a large bond offering and term loans.

Kellanova's separation had left it with a more focused portfolio, with snacks accounting for the largest part of net sales and Pringles and Cheez-It as its largest brands. Mars, a family-owned company based in McLean, Virginia, already held confectionery, pet care and food businesses, and the acquisition was among the largest food-industry deals on record. Because Mars was private, Kellanova shareholders received all-cash consideration and no shares in the acquirer. The long review period meant that the deal took roughly sixteen months from announcement to closing.

The deal closed on December 11, 2025, after which Kellanova's shares ceased trading on the NYSE and a Form 25 was filed. Kellanova became a part of Mars, and shareholders received $83.50 in cash for each share.