Mars, the global confectionery and pet care giant, is set to make a significant move into the snacks market with its latest acquisition. The company is purchasing Kellanova, the parent company of popular snack brands Cheez-It and Pringles, in a landmark deal valued at $36 billion.

This acquisition is part of Mars’ broader strategy to diversify its product portfolio beyond its traditional offerings like M&M’s and Pedigree. By adding Kellanova’s well-established snack brands, Mars aims to solidify its position in the competitive food and beverage industry.

Kellanova, formerly a part of Kellogg’s, has made a name for itself with its iconic snack brands that have a strong global presence. The deal is expected to close by the end of the year, pending regulatory approval.

With this acquisition, Mars will significantly expand its footprint in the snack food market, complementing its existing range of products and potentially leading to new innovative offerings for consumers worldwide.

This deal also reflects the growing trend of consolidation in the food and beverage industry as companies seek to scale and innovate to meet changing consumer demands. As Mars integrates Kellanova into its operations, the company is likely to explore new synergies and growth opportunities, particularly in emerging markets.