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Mars — the packaged food conglomerate that owns Snickers, Cheez-It and other snack brands — will soon add Pop-Tarts, Eggo Waffles, Pringles and more to its portfolio.
What Happened: The McLean, Virginia-based company is set to acquire Kellanova (NYSE:K) for $36 billion, or $83.50 per share.
Kellanova brought in around $13 billion in revenue last year, while Mars' annual revenue was around $45 billion. The two companies were reportedly working out the details earlier this month after Kellanova reported strong second-quarter results.
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The transaction, should it finalize in 2025, would help Mars leapfrog Publix to become the third-largest American private company behind Koch Industries. Until then, the top-five ranking of the largest U.S. privately held companies is as follows:
Other notable American private companies that did not break the top five include Lego (around $10 billion in revenue), Chick-fil-A (around $12 billion in revenue) and Staples (around $8 billion in revenue).
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