The Ferrero Group has entered into a definitive agreement to acquire WK Kellogg for $23 per share in cash, valuing the company at $3.1 billion.
The deal represents a 40% premium to WK Kellogg’s 30-day volume-weighted average trading price.
This acquisition includes the manufacturing, marketing, and distribution rights to WK Kellogg’s portfolio of breakfast cereals across the United States, Canada, and the Caribbean. The agreement has been unanimously approved by WK Kellogg’s Board of Directors.
Ferrero has said the acquisition supports its long-term strategy to expand its product portfolio and reach more consumption occasions throughout the day. With this move, Ferrero has added household cereal brands such as Kellogg’s Frosted Flakes, Froot Loops, Frosted Mini Wheats, Special K, Rice Krispies, Raisin Bran, Kashi, and Bear Naked to its North American portfolio.
The acquisition builds on Ferrero’s recent growth in the region, where it and its affiliates now employ over 14,000 people across 22 plants and 11 offices. Its North America offerings include Nutella, Kinder, Tic Tac, Ferrero Rocher, and acquired brands such as Butterfinger, Keebler, and Famous Amos, among others.
Ferrero has said Battle Creek, Michigan- home of WK Kellogg Co- will remain a core location and serve as its headquarters for North America cereal after the deal closes.
The transaction is expected to close in the second half of 2025, subject to regulatory approvals, shareholder approval, and customary closing conditions. The W.K. Kellogg Foundation Trust and the Gund Family, who together hold 21.7% of the company’s shares as of July 7, 2025, have committed to voting in favor of the acquisition.
“I am thrilled to welcome WK Kellogg 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.
“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.”
“We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg to write the next chapter of our company’s storied legacy,” said Gary Pilnick, Chairman and Chief Executive Officer of WK Kellogg.
“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 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.”
“We look forward to collaborating with their team to deliver on the great promise of cereal, explore opportunities beyond cereal, and help us bring our best to consumers every day,” he said.
“WK Kellogg, a trusted company with beloved brands, represents a meaningful addition to the Ferrero Group,” said Lapo Civiletti, Chief Executive Officer of the Ferrero Group.
“Enhancing our portfolio with these complementary household brands marks an important step towards expanding Ferrero’s presence across more consumption occasions and reinforces our commitment to delivering value to consumers in North America.”
