In a breakfast-branded shakeup, The Ferrero Group, famed for Nutella and Ferrero Rocher, has struck a $3.1 billion all-cash deal to acquire WK Kellogg Co., taking the iconic American cereal maker private in a transaction that reshapes the U.S. breakfast industry.

The $23-per-share agreement, announced Thursday, brings beloved household staples like Frosted Flakes, Froot Loops, and Special K into Ferrero’s fast-growing U.S. portfolio, bolstering its reach beyond sweets into the cereal aisle. The move signals Ferrero's strategic leap into North American breakfast tables, long dominated by legacy brands.

From Candy to Cornflakes: Ferrero's Expanding Empire

"This is more than an acquisition — it’s a fusion of two legacies," said Giovanni Ferrero, executive chair of the family-owned Italian giant. “We are thrilled to welcome WK Kellogg Co into our family. These are brands with deep roots, and together, we’re ready to write the next chapter.”

The acquisition is poised to reinforce Ferrero’s U.S. operations, which already boast brands like Nutella, Kinder, Butterfinger, Keebler, Famous Amos, and Tic Tac. WK Kellogg will retain its Battle Creek, Michigan headquarters, which will now serve as Ferrero’s North American cereal command center.

Deal Comes After WK Kellogg’s Recent Split

WK Kellogg Co. was born in October 2023, spun off from the Kellogg Company’s global snack division, now renamed Kellanova. The split left WK Kellogg with the more mature, North American cereal business, while Kellanova took higher-growth brands like Pringles, Eggo, and Cheez-It into international markets.

WK Kellogg CEO Gary Pilnick hailed the deal as a pivotal moment.

“We’ve made strong strides as a focused, profitable standalone company,” Pilnick said. “Joining Ferrero gives us the resources to scale our iconic brands in a fast-evolving market.”

Legal and Financial Teams Behind the Mega-Deal

• Davis Polk & Wardwell LLP is advising Ferrero

• Kirkland & Ellis LLP is representing WK Kellogg

• Simpson Thacher & Bartlett LLP, led by partner Michael Chao, is advising the W.K. Kellogg Foundation Trust

Lazard and BofA Securities served as financial advisers to Ferrero, while Goldman Sachs and Morgan Stanley advised WK Kellogg.

Shareholder Approval Already Gaining Ground

The transaction has already gained traction with key stakeholders. The W.K. Kellogg Foundation Trust and the Gund Family, who together own 21.7% of WK Kellogg’s common stock, have agreed to vote in favor of the acquisition, the companies confirmed.

Pending shareholder and regulatory approvals, the deal is expected to close in the second half of 2025.

Meanwhile, Mars Eyes Kellanova

In a parallel food-industry development, Mars Inc. is in the process of acquiring Kellanova for $35.9 billion, including assumed debt — an acquisition that is still winding its way through regulatory hurdles.

A Sweet Future Ahead

Ferrero’s CEO Lapo Civiletti called the Kellogg acquisition a “meaningful addition” to Ferrero’s global ambitions.

“These complementary brands let us tap into more daily moments of consumption,” Civiletti said. “We’re excited about what’s ahead.”

With cereal now on the menu, Ferrero’s U.S. playbook is growing bolder — and breakfast may never be the same.