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
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Davis Polk & Wardwell LLP is advising Ferrero
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Kirkland & Ellis LLP is representing WK Kellogg
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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.
