Monthly M&A Roundup: February 2026 Brand Ownership Changes

February 2026: The Reshuffling Continues

The consumer brand landscape continues its rapid transformation in early 2026. Corporate separations, mega-deal integrations, and new acquisitions are redrawing category maps across food, fashion, media, and healthcare. Here is the complete rundown of deals closed, advancing, and announced this month.

Deals Closed or Completing

Mars / Kellanova Integration (Closed Late 2025)

Mars, Incorporated is now integrating Kellanova's $15+ billion snacking portfolio (Pringles, Cheez-It, Pop-Tarts, Eggo, Rice Krispies Treats) into its operations following the $36 billion deal's close. Mars retained most Kellanova employees and is maintaining the brands' existing manufacturing and distribution structures during the transition.

Early 2026 focus areas include aligning Kellanova's retail relationships with Mars's existing sales teams and identifying potential synergies in snack category management.

Capri Holdings Divests Versace ($1.4 Billion)

Capri Holdings (Michael Kors, Jimmy Choo) completed the sale of Versace for approximately $1.4 billion, a significant loss from the $2.12 billion acquisition price in 2018. The sale followed the FTC's 2024 block of the Tapestry-Capri merger. Capri is using proceeds to reduce debt and refocus on Michael Kors and Jimmy Choo.

Gildan Activewear Acquires Hanesbrands Operations

Gildan completed its acquisition of Hanesbrands' core innerwear and activewear business, adding Hanes, Champion (select markets), Maidenform, and Bali to its portfolio. This consolidation creates a major competitor in the basics category alongside Berkshire Hathaway's Fruit of the Loom and PVH's Calvin Klein underwear.

Deals Advancing Through Regulatory Review

Kimberly-Clark / Kenvue ($48.7 Billion)

The largest consumer health deal in history continues through regulatory review. Kimberly-Clark (Huggies, Kleenex, Scott) acquiring Kenvue (Tylenol, Listerine, Neutrogena, Band-Aid, Aveeno) would create a consumer products powerhouse with 10 billion-dollar brands.

Status: Antitrust review ongoing. Regulators examining potential overlap in skin care. Expected close H2 2026.

Netflix / Warner Bros. Discovery ($108.4 Billion, Hostile)

Netflix's December 2025 hostile bid for WBD remains the most watched deal in media. If completed, Netflix would gain control of HBO, CNN, Warner Bros. studio, DC Comics, Discovery Channel, and the Max streaming platform.

Status: WBD disclosed it is reviewing multiple offers. Writers Guild of America opposes the deal. Regulatory review has not formally begun as the deal structure remains uncertain.

Kraft Heinz Separation

Kraft Heinz continues preparing to split into two independent companies: a growth portfolio (Heinz, Philadelphia, Kraft Mac & Cheese, Lunchables) led by former Kellanova CEO Steve Cahillane, and a stable portfolio (Oscar Mayer, Maxwell House, Velveeta, Jell-O, Cool Whip).

Status: Operational separation planning underway. Expected close H2 2026.

Newly Announced Deals

Keurig Dr Pepper Announces Separation

Keurig Dr Pepper (NASDAQ: KDP) confirmed plans to separate into two publicly traded companies: a North American refreshment beverages business (Dr Pepper, 7UP, Snapple, Canada Dry) and a global coffee business (Keurig, K-Cup, Green Mountain, Peet's Coffee). JAB Holding Company, KDP's controlling shareholder, is driving the restructuring.

This follows the broader trend of conglomerate simplification seen at Kraft Heinz, GE, Kellogg's, and Unilever.

Unilever Ice Cream Separation Advances

Unilever continues advancing its plan to separate its ice cream division (Ben & Jerry's, Magnum, Breyers, Wall's, Cornetto) as a standalone entity. The separation, announced in 2024, is expected to complete in 2026.

The ice cream business generates approximately $8 billion in annual revenue. As a standalone company, it would be the world's largest ice cream company by revenue.

Comcast / Versant Media Spin-off

Comcast's plan to spin off its cable TV networks (USA Network, CNBC, MSNBC, Bravo, E!, Syfy, Oxygen) into a new entity called Versant Media continues to advance. The spin-off reflects the declining value of traditional cable networks as viewers shift to streaming.

NBCUniversal's premium assets (NBC broadcast, Peacock streaming, Universal Studios, Universal theme parks) remain with Comcast.

Sector Trends

Food & Beverage: Portfolio Simplification

The theme across food and beverage is clear: simplify. Companies are splitting apart (Kraft Heinz, KDP), divesting non-core brands (Nestle factory closures, P&G brand exits), and focusing on fewer, larger brands with stronger growth profiles.

Bain & Company's 2026 M&A report notes that deals under $2 billion represent more than a third of all consumer M&A, as large companies continue acquiring "insurgent" brands to refresh their portfolios.

Fashion & Luxury: Post-Merger Fallout

The fashion industry is dealing with the aftermath of 2024's blocked Tapestry-Capri merger. Capri is selling assets (Versace) and refocusing. Meanwhile, LVMH, Kering, and Richemont continue their dominance of luxury, while fast fashion (Shein, Temu) faces increasing regulatory scrutiny.

Media & Entertainment: Streaming Consolidation

The Netflix-WBD bid signals that streaming consolidation may be entering its next phase. Disney has already absorbed Fox and full Hulu ownership. If Netflix acquires WBD, the streaming market would be dominated by three tech-media giants: Netflix-WBD, Disney (Disney+/Hulu/ESPN+), and Amazon (Prime Video/MGM).

Healthcare: Patent-Driven Deals

Pharmaceutical M&A continues at pace as companies prepare for upcoming patent cliffs (Keytruda 2028, Eliquis 2026). The Kimberly-Clark/Kenvue deal bridges consumer health and consumer products in a way not seen since J&J's original combination of pharmaceuticals and consumer brands.

By the Numbers

What to Watch in March 2026

• Netflix/WBD: Will WBD's board accept, reject, or seek a higher offer?
• Kimberly-Clark/Kenvue: Regulatory decision timeline
• 98th Academy Awards (March 15): Oscar advertising and sponsor brand analysis
• Q1 earnings season: First results showing Mars/Kellanova integration performance
• PE exits: Multiple beauty and consumer brand sales expected

Frequently Asked Questions

Why are so many companies splitting up?

The "conglomerate discount" penalizes diversified companies. Wall Street values focused businesses at higher multiples than conglomerates. Splitting allows each entity to pursue its optimal strategy and attract its natural investor base.

How do I track brand ownership changes?

Follow WhoBrands for ongoing updates. We track acquisitions, spin-offs, and brand ownership changes as they happen across all consumer categories.

Will these deals affect product availability?

Not in the short term. Brand names, products, and distribution channels typically remain unchanged during ownership transitions. Long-term portfolio decisions by new owners may eventually affect which products continue.

The Bottom Line

February 2026 marks an inflection point in consumer brand ownership. More companies are splitting apart than combining, reversing decades of conglomerate building. The era of "bigger is better" in consumer goods is giving way to "focused is better," with profound implications for the brands on your shelf, the streaming services on your screen, and the healthcare products in your cabinet.

Track all brand ownership changes on WhoBrands or browse the latest updates.

Sources

1. Bain & Company. "Consumer Products M&A Report 2026." 2. PwC. "Global M&A Trends: Consumer Markets 2026 Outlook." 3. Company press releases and SEC filings. January-February 2026. 4. Reuters, Bloomberg. "Deal Tracker." February 2026.

All brand ownership data verified through WhoBrands.com's research methodology. Last updated: February 11, 2026.