White & Case advises Yihai Kerry on divestment in joint ventures with Kellanova

Global law firm White & Case LLP has advised Yihai Kerry Arawana Holdings Co., Ltd. (Yihai Kerry) on the divestment of its 50 percent stakes in two People's Republic of China (China) joint ventures with Kellanova (formerly Kellogg's) that operate in the Chinese snacks market to Mars Wrigley Confectionery (China) Ltd. (Mars China) for US$60 million.

The transaction follows the completion of Mars' US$36 billion global acquisition of Kellanova in December 2025, and marks Yihai Kerry's exit from the operation of the two joint ventures and Mars China's consolidation of ownership in reputable snack brands such as Pringles in the Chinese market.

"Supporting Yihai Kerry on this transaction represents a meaningful engagement for our firm in China's dynamic consumer sector," said White & Case partner TY Seow, who led the Firm's deal team. "This deal demonstrates the continued strength and growth of the Chinese consumer sector, where we have leveraged our cross-border expertise to help our client achieve their strategic objectives."

"The White & Case team continue to support our client's strategic initiatives and help them navigate key milestones in the dynamic Chinese market," said Jonathan Olier, White & Case partner and head of the Corporate M&A and Private Equity practice for Southeast Asia.

Yihai Kerry is one of the leading agricultural and food products processing enterprises in China that is publicly listed on the Shenzhen Stock Exchange, and is a subsidiary of Wilmar International Limited, a leading agribusiness group in Asia that is amongst the largest listed companies on the Singapore Exchange.

The White & Case team in Singapore which advised on the transaction was led by partners TY Seow and Jonathan Olier and included associate Victor Lim.

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