WEBVTT

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- Snickers maker Mars has agreed

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to acquire Pringle's Maker
ANOVA for $36 billion.

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The Confectionary Giant set
in a statement on Wednesday,

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the sweet and salty deal, one

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of the largest in the snack
food industry this year is set

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to enhance Mars' global snacking portfolio

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and combined two well
established companies

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with complimentary brands.

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Shares of ANOVA rose over 7%
during early morning trading,

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going for about $80 a share.

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Mars is offering about $83
and 50 cents per share.

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Valuing ANOVA at around $28 billion.

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K Nova's, CEO, Steve
Callahan said in a statement,

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ANOVA has been on a transformation journey

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to become the world's
best snacking company,

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and this opportunity
to join Mars enables us

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to accelerate the realization
of our full potential

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and our vision.

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Callaghan said, the all cash
transaction will maximize

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shareholder value and will
provide its employees, customers,

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and suppliers with new and
exciting opportunities.

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The deal could bode well for anova,

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which focuses on making cereals

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and snacks like Pringles,
Cheez-Its and Pop-Tarts.

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The company reported net
sales of $13 billion in 2023.

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Meanwhile, Mars,

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which specializes in chocolate
staples like Snickers, m

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and ms, and Twix earned
over $50 billion in sales

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during the same period.

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Reuters first reported in early August

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that the deal was still pending.

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As other suitors, including
Oreo, maker, Mandel,

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and international

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and chocolate giant, Hershey's
also considered whether

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to buy anova.

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Nonetheless, Mars,

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CEO Paul weRock said the
company looks forward

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to developing a sustainable
snacking business

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that is fit for the future.

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He added that Mars will
honor k Nova's heritage

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and in innovation, while
leveraging the strengths

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of both companies to enhance
consumer choice and innovation.

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Once the deal is finalized
in the first half of 2025,

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ANOVA will join Mars under the leadership

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of Global President
Andrew Clark in Chicago.

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Meanwhile, battle Creek
Michigan will continue

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to be an important central
location for anova.

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I'm Francisco Velasquez
reporting for Quartz.

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Thanks for watching, and
stick with qz.com for more.