The Ferrero Group and WK Kellogg Co announced on July 10 that they have entered into a definitive agreement under which Ferrero has agreed to acquire WK Kellogg Co for $23.00 per share in cash, representing a total enterprise value of $3.1 billion. 

The acquisition, which includes the manufacturing, marketing, and distribution of WK Kellogg Co’s portfolio of breakfast cereals across the United States, Canada, and the Caribbean, is part of Ferrero's plan for strategic growth. 

“This transaction represents another chapter in Ferrero’s proven strategy to acquire, invest in, and grow iconic brands as it continues to enhance its overall footprint and product offerings in North America,” Ferrero said in a statement. 

Ferrero’s North America portfolio includes Nutella^®, Kinder^®, Tic Tac^®, and Ferrero Rocher^® as well as American brands such as Butterfinger^®, Keebler^®, and Famous Amos^®. It also includes confectionery brands like Jelly Belly^®, NERDS^®, and Trolli^® as well as frozen treat brands like Blue Bunny^®, Bomb Pop^®, and Halo Top^®.

Drawing upon its previous successful acquisitions in the United States, Ferrero plans to invest in and grow WK Kellogg Co’s iconic brands including Kellogg’s Frosted Flakes®, Kellogg’s Froot Loops®, Kellogg’s Frosted Mini Wheats®, Kellogg’s Special K®, Kellogg’s Rice Krispies®, Kellogg’s Raisin Bran®, Kashi®, Bear Naked®, and more. 

"I am thrilled to welcome WK Kellogg Co to the Ferrero Group. This is more than just an acquisition—it represents the coming together of two companies, each with a proud legacy and generations of loyal consumers," said Giovanni Ferrero, Executive Chairman of the Ferrero Group. 

Transaction Details

Under the terms of the agreement, Ferrero will acquire all outstanding equity of WK Kellogg Co for $23.00 per share in cash, representing a total enterprise value of $3.1 billion. Upon successful completion of the transaction, shares of WK Kellogg Co’s common stock will no longer trade on the New York Stock Exchange, and the company will become a wholly owned subsidiary of Ferrero.

The agreement has been unanimously approved by the Board of Directors of WK Kellogg Co.

The transaction is subject to approval by WK Kellogg Co shareowners, regulatory approvals and other customary closing conditions and is currently expected to close in the second half of 2025.