Kellogg asks Kirkland for legal advice on three-way split (1)

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Kirkland & Ellis advises Kellogg Co. in its split into three independent companies, helping the maker of Rice Krispies cereal and Cheez-It crackers through a process that is expected to be completed next year.

Kellogg goes divide in businesses focused on global snacks, North American grains and plant-based foods, the company announced Tuesday. The breakup will be through two tax-free spinoffs, Kellogg said.

The core business will focus on global snacks and had approximately $11 billion in net sales in the last full year. Sales for the North American grain unit were approximately $2.4 billion, while the plant-based foods business, led by the MorningStar Farms brand, had sales of $340 million. dollars.

The Kirkland team representing Kellogg was led by corporate partners Eric Schiele, Allie Wein and Keith Crow, capital markets partners Robert Hayward and Robert Goedert, tax partners Dean Shulman and Adam Kool, executive compensation partner Scott Price, technology and IP transactions partner Seth Traxler, and antitrust partner Andrea Murino.

Kirkland in May 2021 advised Kellogg on its first “sustainable bond” issue, an eight-year €300 million bond whose proceeds are used to address health, hunger relief and climate sustainability.

Kirkland’s sustainability bond team was led by Chicago-based capital markets partners Hayward and Goedert.

Kirkland also advised the Battle Creek, Michigan-based company in its $600 million purchase of bar maker RX Chicago Bar Co. LLC in 2017.

The new global snacks company will retain dual headquarters in Battle Creek, Michigan and Chicago, where Kirkland, the world’s largest law firm by revenue, was founded and maintains a large presence.

Kirkland had long been known for its expertise in private equity transactions, but it has also become a powerhouse for public company mergers and acquisitions in recent years. The company made more than $6 billion in revenue last year, according to AmLaw data, while its average partner earned more than $7 million.

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