Mars, the maker of M&M’s and Snickers, is set to buy Kellanova, the owner of Cheez-It, for nearly $30 billion.

M&Mars, the maker of M products, plans to buy Killa Nova, the maker of Cheez-Its and Pop-Tarts, for about $30 billion, which would significantly expand the range of well-known brands under one roof.

Kellanova was created last year when Kellogg Kellanova has been split into three companies. Kellanova sells many of the former company’s most profitable brands, including Pringles, Eggo, Townhouse, Morningstar Farms and Rice Krispies Treats. The company had net sales of more than $13 billion last year and has about 23,000 employees.

Mars said Wednesday it will pay $83.50 per share in cash. The company estimated the total value of the deal at about $35.9 billion, including debt.

It is the largest deal in the sector since JM Smucker bought Hostess. At $5.6 billion last year, it is among the largest investments in 2024, coming in second only to Exxon Mobil. $60 billion acquisition Pioneers of natural resources.

Mars’ acquisition of Kelanova is expected to close in the first half of next year. Once the deal is complete, Kelanova will become part of Mars Snacks. The company will remain headquartered in Chicago.

Headquartered in McLean, Virginia, Mars is one of the largest private companies in the United States.

“Kellanova’s brands significantly expand our snacking platform, allowing us to more effectively meet consumer needs and drive profitable business growth,” Andrew Clark, global president of Mars Snacks, said in a statement.

The other company formed from the Kellogg breakup, W.K. Kellogg Co., retains cereal brands such as Raisin Bran, Frosted Flakes and Froot Loops, which have suffered from slowing sales in recent years. It is not involved in the deal.

The acquisition would expand Mars’ reach into the salty snack category. The company owns brands like Combos and Uncle Ben’s, but is primarily known for chocolate, candy, and pet food. Mars makes salty snacks.&M’s, Lifesavers, Juicy Fruit gum, Skittles candy, as well as Pedigree and Royal Canin pet foods, and more.

Sales of some of these products, Like gumMars has been struggling in recent years as snacking habits change. This deal helps Mars expand into growth areas.

This could also help Kellanova at a time when high prices are squeezing consumers and Putting many companies under pressure Economists say many consumers appear to be returning to pre-pandemic levels, when most businesses felt they couldn’t raise prices much without losing business.

Mars began in 1911, when founder Frank Mars began making and selling buttercream candies from his home in Tacoma, Washington. The company moved to Chicago in 1929 and introduced Snickers the following year.

Mars has grown steadily through acquisitions. It entered the pet food business in 1935 by buying a British dog food brand, and bought an ice cream brand called Dove in 1986. In 2008, it bought chewing gum maker Wrigley for $23 billion.

Kelanova shares rose about 8% before the opening bell on Wednesday.