The deal ends the partnership which began in 2008, when the two firms joined forces to purchase the chewing gum maker for £18.5bn.
Mars planned to merge the two businesses during 2017, creating a confectionery firm that employs more than 30,000 workers across 70 countries.
The combined business – to be known as Mars Wrigley Confectionery – will be home to chocolate brands such as Snickers, Galaxy and Malteasers, as well as gum and mint brands Doublemint, Extra and Orbit.
Global president of Wrigley Martin Radvan will lead the combined business, which he said would create win-win relationships with its customers.
President and ceo of Mars Grant Reid said: “We are grateful for the strong and productive partnership we have with Warren Buffett and Berkshire Hathaway. It is a great relationship that has yielded value on both sides.
“We’re equally pleased that sole ownership of Wrigley provides us with an opportunity to rethink how we simplify our Chocolate and Wrigley businesses so that we can bring a more holistic approach to this vibrant category.”
However, the acquisition could impact jobs within the business. Mars’s global director of media relations Jonathan Mudd reportedly said: “There will be some impact on jobs, but we don’t know the full implications at this time.”
‘Impact on jobs’
Berkshire Hathaway ceo Warren Buffett said he had enjoyed the company’s experiences with Mars and wished the company well.
“Both Mars and Berkshire have profited from our investment and that’s the way it should be,” said the billionaire Buffett.
Berkshire Hathaway owns a number of food and drink firms, including US firms Dairy Queen and See’s Candies, as well as minority stakes in Coca-Cola and The Kraft Heinz Company.