Ferrero Group and WK Kellogg announced that they will finalize an agreement under which Ferrero will acquire WK Kellogg for $23 per share, totaling an enterprise value of $3.1 billion.
The deal covers manufacturing, marketing, and distribution of WK Kellogg’s breakfast cereals in the US, Canada, and the Caribbean. It also supports Ferrero’s growth strategy, broadening its reach with popular brands and consumer relevance.
Ferrero continues to expand in North America by acquiring and investing in iconic brands across the confectionery and food sectors, employing over 14,000 staff across 22 plants and 11 offices. Its portfolio includes Nutella, Kinder, Tic Tac, Ferrero Rocher, plus American favorites like Butterfinger, Keebler, and Famous Amos, as well as Jelly Belly, NERDS, Trolli, Blue Bunny, Bomb Pop, and Halo Top.
Building on the success of its US acquisitions, Ferrero plans to grow WK Kellogg’s brands, including Kellogg’s Frosted Flakes, Froot Loops, Mini-Wheats, Special K, Rice Krispies, Raisin Bran, Kashi, and Bear Naked. WK Kellogg, nearly 120 years old and a leading breakfast innovator, holds a cherished legacy that Ferrero respects as it takes on these iconic American brands.
Like WK Kellogg, Ferrero began as a family-owned business in its founding town. After the deal, Battle Creek, MI stays a key location and Ferrero’s North America cereal HQ.
Once finalized, WK Kellogg’s shares will cease trading on the NYSE, and the company will become a subsidiary of Ferrero. The WK Kellogg Board unanimously approved the agreement.
The W.K. Kellogg Foundation Trust and the Gund Family have entered into agreements under which they 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.
Support: Lazard is acting as lead financial advisor with BofA Securities acting as co-advisor and Davis Polk & Wardwell serving as legal counsel to Ferrero. Goldman Sachs & Co. LLC and Morgan Stanley are acting as financial advisors and Kirkland & Ellis are serving as legal counsel to WK Kellogg Co.
KEY QUOTES:
“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.”
Giovanni Ferrero, Executive Chairman of the Ferrero Group
“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. 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.”
Gary Pilnick, Chairman and Chief Executive Officer of WK Kellogg
“WK Kellogg Co, a trusted company with beloved brands, represents a meaningful addition to 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.”
Lapo Civiletti, Chief Executive Officer of the Ferrero Group
