07:22 AM EDT, 08/14/2024 (MT Newswires) -- Kellanova ( K ) has agreed to be acquired by Mars for a total consideration of $35.9 billion, including assumed net leverage, Mars said Wednesday.

Under the terms of the deal, Mars will acquire all outstanding equity of Kellanova ( K ) for $83.50 per share in cash. All of Kellanova's ( K ) brands, assets and operations are included in the deal.

The transaction also permits Kellanova ( K ) to declare and pay dividends prior to closing.

Mars said it expects to fully fund the deal through a combination of cash on hand and new debt.

The transaction is expected to close in H1 2025, subject to Kellanova ( K ) shareholder approval and other customary closing conditions.

Shares of Kellanova ( K ) rose nearly 8% in recent premarket trading activity.

Price: 80.39, Change: +5.89, Percent Change: +7.91