The Ferrero Group has inked an agreement to acquire WK Kellogg Co., adding the company’s portfolio of iconic cereal brands to its lineup, for $23 per share in cash, for an enterprise value of $3.1 billion. Upon the successful completion of the acquisition, 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 acquisition includes the manufacturing, marketing and distribution of WK Kellogg’s breakfast cereals across the United States, Canada and the Caribbean. It will join other Ferrero brands, including Nutella, Kinder, Tic Tac, Ferrero Rocher, Keebler and Famous Amos as well as candy brands Butterfinger, Jelly Belly, Nerds and Trolli.
The Ferrero Group previously acquired Kellogg’s cookies and fruit snacks businesses in 2019. Kellogg’s was separated into three independent companies in 2022, with the global snacking brand becoming Kellanova while the North American cereal brands business was named 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.
What they are saying
“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, in a release. “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.”
“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,” said Gary Pilnick, chairman and CEO of WK Kellogg Co., in a release. “Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market.”
“WK Kellogg Co, a trusted company with beloved brands, represents a meaningful addition to the Ferrero Group,” said Lapo Civiletti, CEO of the Ferrero Group, in a release. “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.”
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