Mars agrees to buy Cheez-It maker for $36 billion

Catch up quick: Kellanova was formed last fall via a spinoff from cereal giant Kellogg, and has been trading on the New York Stock Exchange.

• Its brands include Cheez-It and Pringles.

Zoom in: Mars is paying a high premium, even though many snackmakers have been getting hammered by both the Ozempic effect and consumer weariness over inflation.

• Mars had appeared to be moving more toward healthier snack, having bought both snack-bar maker Kind and Nature's Bakery in 2020.
• Don't be surprised if antitrust regulators take at least a cursory glance, given the high-profile brands and giant price-tag.

By the numbers: Mars will pay $83.50 per share for Kellanova, which represents a 32.5% premium to where Kellanova shares were trading prior to deal-talk reports.

• According to Mars, the total deal consideration represents "an acquisition multiple of 16.4x LTM adjusted EBITDA as of June 29, 2024."