Arrangement of Financing for the $35.9 Billion Acquisition of Kellanova by Mars, Incorporated

On August 14, 2024, Mars, Incorporated, a family-owned, global leader in pet care, snacking and food, announced it has signed a definitive agreement to acquire Kellanova, a leading company in the manufacture and marketing of snacks and convenience foods, in a $35.9 billion all cash transaction, including assumed net leverage. Cravath is representing the lead arrangers and bookrunners of committed debt financing in connection with the transaction.

The Cravath team is led by partners Tatiana Lapushchik and Matthew M. Kelly and includes associates Diane K. Mokoro, Danielle N. Walling and Jennie Young Carr on financing matters; and partners Douglas Dolan and William V. Fogg and associates Ori Oren and Mitchell S. Siegel on capital markets matters.