Even in hard times, life, for a moment anyway, can still taste sweet with a mint. The desire to capture a global market in cheap impulse purchases is helping drive a huge deal in the candy business.

Mars has reached a deal acquire the Wm. Wrigley Jr. Co. for $23 billion. Warren Buffett's Berkshire Hathaway would provide financing for Mars and get a stake. Mars will pay $80 cash for each share of common stock and Class B stock of  Wrigley. Mars will provide $11 billion of the funding for the buyout. Goldman Sachs is providing $5.7 billion in a debt facility, and Berkshire Hathaway is providing $4.4 billion in subordinated debt.

Berkshire has also agreed to buy a minority stake in the Wrigley business for $2.1 billion.

"Those of you who know me, know that I have been a big fan of Wrigley's business model for many years, and I love their products," Buffett said. "When you think of a business that's easy to understand—with favorable long-term economics, and able and trustworthy management—you think of Wrigley. "

The deal would end the independence of Wrigley, which has been controlled by the Wrigley family for four generations. (For a history, see a slidehow here.} 

The buyout team matches the world's most famous, most media-savvy investor with perhaps the world's most secretive consumer company. Mars, maker of M&M's and Snickers, is a tightly controlled family-owned company. Or as Fortune put it more than a decade ago: "Mars is an enigma inside a mystery tied up in a bright candy wrapper."

The deal could spark other mergers. Wrigley had sought a merger with Hershey, but that fell apart. More recently, Hershey and Cadbury Schweppes, which has spun off its soda and beverage business, have held discussions over a possible combination, according to various reports.

Douglas McIntyre of the blog 24/7 Wall St. says a deal for Wrigley looks expensive: "On a per-share basis, Wrigley would be going for almost $80. The company's stock has not been that high, ever."

A combination of the two candy kings could certainly find cost savings in raw materials, especially at a time when commodity prices are rising, and it would have greater global marketing and distribution heft.

Candy is an attractive market because while there are only a few global brands, it is relatively fragmented with no one having much more than a 10 percent global share.

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