The deal was valued at $35.9 billion and in effect creates another king-sized food company with worldwide reach. Combined, they have $63 billion in revenue — $13 billion for Kellanova and $50 billion for Mars. But in food alone, they’re hardly behemoths, trailing companies like Switzerland-based Nestle, whose brands include Nesquik and Häagen Dazs, and American player PepsiCo, which owns Frito-Lay.
The deal comes just as trends in snacks are moving faster and becoming more intercontinental than ever, thanks to video platforms such as TikTok. International flavors from Asia, the Indian subcontinent, and Latin America are pushing companies to become more imaginative, says Raj Konanahalli, a partner and managing director at AlixPartners, the global analysis firm.