Italy’s Ferrero has agreed to acquire WK Kellogg of the United States for $23.00 per share in cash, representing a total enterprise value of $3.1 billion.
Ferrero said the acquisition, which includes the manufacturing, marketing and distribution of WK Kellogg Co’s iconic portfolio of breakfast cereals across the United States, Canada and the Caribbean, is part of its plan for strategic growth and expands the company’s reach “across more consumption occasions with renowned beloved brands and strong consumer relevance.”
WK Kellogg is based in Battle Creek, Michigan. Upon the 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.
Privately-held Ferrero said: “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.
“As a result of this strong growth, in North America Ferrero and its affiliated companies currently count more than 14,000 employees across 22 plants and 11 offices.
“The North America portfolio includes Nutella, Kinder, Tic Tac, and Ferrero Rocher as well as iconic 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 that are well-loved by American consumers.
“WK Kellogg Co is a renowned company, in operation for nearly 120 years, and a leader shaping the future of breakfast. Ferrero, which also brings over 75 years of heritage, has long admired WK Kellogg Co’s legacy and is proud to be entrusted with carrying these iconic American brands forward.”
Ferrero Group executive chairman Giovanni Ferrero said: “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.
“Over recent years, Ferrero has expanded its presence in North America, bringing together our well-known brands from around the world with local jewels rooted in the U.S. Today’s news is a key milestone in that journey, giving us confidence in the opportunities ahead.”
WK Kellogg chairman and CEO Gary Pilnick said: “We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg Co to write the next chapter of our company’s storied legacy.
“Since becoming an independent public company in October 2023, we have made excellent progress on our journey to become a more focused and more profitable business – driven by our tremendous people and a winning culture – all while building a strong foundation for future growth.
“Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market. As a family-owned private company with values in line with our founder W.K. Kellogg, Ferrero provides a great home for our people and has a track record of supporting the communities in which it operates.”
The agreement has been unanimously approved by the WK Kellogg Co board.
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.
The W.K. Kellogg Foundation Trust and the Gund Family have committed to vote shares representing 21.7% of WK Kellogg Co’s common stock, as of July 7, 2025, in favor of the transaction.
For Ferrero, Lazard is acting as lead financial advisor with BofA Securities acting as co-advisor, and Davis Polk & Wardwell LLP is serving as legal counsel. For WK Kellogg Co, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as financial advisors and Kirkland & Ellis LLP is serving as legal counsel.