Skadden, Arps, Slate, Meagher & Flom, along with Kirkland & Ellis, played pivotal roles in Mars Inc.’s $36 billion acquisition of Kellanova, marking the largest transaction of the year. This monumental deal sees Mars taking over the maker of Pringles chips and Cheez-Its, significantly extending Skadden’s dominance in the Bloomberg League Tables.
Skadden’s comprehensive team was led by M&A partners Howard Ellin, Neil Stronski, and June Dipchand, who have previously guided Mars through several significant acquisitions, such as the $9.1 billion acquisition of VCA Inc. and the $2.9 billion purchase of pet food brands from Procter & Gamble. Their team also included experts in tax, antitrust, executive compensation and benefits, and intellectual property.
On the other side, Kirkland & Ellis counseled Kellanova. The main figures, corporate partners Eric Schiele and Allie Wein, have a longstanding relationship with Kellogg, including their guidance during the separation of Kellanova and its North American cereal business into two independent entities. The separation was completed in October 2023. The Kirkland team also comprised specialists in corporate law, capital markets, antitrust & competition, executive compensation, employment & labor, tax, technology & IP transactions, and debt finance.
Additional legal support came from Simpson Thacher & Bartlett, providing advice on acquisition financing, with partners Catherine Burns, Kenneth Wallach, Hui Lin, and Richard Fenyes leading the team. Cravath, Swaine & Moore offered financing counsel to J.P. Morgan and Citi, guided by New York-based corporate partner Stephen M. Kotra. Sullivan & Cromwell advised Lazard, the financial adviser to Kellanova’s board.
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