Mars, the family-owned company known for brands such as M&M's and Snickers, is buying Pringles maker Kellanova for nearly $36 billion in the biggest deal so far this year.

The all-cash offer represents Mars' largest acquisition to date, surpassing its $23 billion purchase of Wrigley in 2008. Kellanova, which also makes Cheez-It, Rice Krispies Treats and Eggo, was formed in 2023 after Kellogg spun off its breakfast cereal and snack businesses. It employs approximately 23,000 people and generates annual sales of $13 billion in 180 international markets.

Mars, which has annual revenues in excess of $50 billion and employs 150,000 people globally, has been active in M&A in recent years. In 2020, it acquired Kind and in 2022, Mars bought Trü Frü, a company known for its chocolate-covered fruit snacks. Then last year it also purchased British boutique chocolatier Hotel Chocolat for more than half a billion USD.