Candy maker Mars Incorporated announced it will buy Chicago-based Wrigley Company. The all-cash deal is valued near $22 billion.

A majority of the Wrigley shares are controlled by the Wrigley family. The name has been a presence in Chicago for over a century. Among city landmarks, its name adorns the Chicago Cubs baseball stadium.

Under the agreement with Mars, Wrigley’s shareholders would receive $80 for each share of common stock and Class B common stock. That represents a 28 percent premium over Wrigley’s closing stock price on Friday. Under the agreement, the company would become a subsidiary of Virginia-based Mars Incorporated after the buyout is completed in about six to 12 months. Warren Buffet’s Berkshire Hathaway is making a minority equity investment in the new Wrigley subsidiary.