In 2008, Mars acquired Wrigley for approximately $23 billion.
Mars announced the all-cash transaction on April 28, 2008, buying Wm. Wrigley Jr. Company at a substantial premium to its market value. The purchase expanded Mars beyond its established chocolate brands and gave it control of one of the world’s largest chewing-gum businesses, including Juicy Fruit, Doublemint, and Wrigley’s Spearmint.
Wrigley’s history began in 1891, when William Wrigley Jr. started a business selling soap and baking powder. He later used chewing gum as a promotional incentive, and the gum became more popular than the original products. The company introduced Juicy Fruit and Wrigley’s Spearmint in 1893.
Berkshire Hathaway, Goldman Sachs, and JPMorgan helped finance the acquisition. In 2016, Mars combined Wrigley with its chocolate operations to create Mars Wrigley Confectionery. This deal is distinct from Kraft’s purchase of Cadbury and Hershey’s separate confectionery business.