Ferrero to acquire WK Kellogg Co in $3.1 billion deal, strengthening North American breakfast portfolio

Ferrero’s $3.1 billion acquisition of WK Kellogg Co adds iconic US cereal brands like Frosted Flakes and Special K to its growing North American portfolio. Credit: Ferrero

Global confectionery group Ferrero has entered into a definitive agreement to acquire WK Kellogg Co for $23.00 per share in cash, representing a 40 per cent premium on the company’s 30-day trading average. The deal values the breakfast cereal giant at $3.1 billion, bringing powerhouse brands like Kellogg’s Frosted Flakes, Froot Loops, Special K, Rice Krispies, Frosted Mini-Wheats, Kashi and Bear Naked under Ferrero’s ownership.

The Ferrero Kellogg acquisition strengthens Ferrero’s position across breakfast and snacking occasions in the US, Canada and the Caribbean, enhancing its growing North American presence.

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.

Strategic growth in North America

Ferrero has significantly expanded its operations in North America in recent years, with more than 14,000 employees across 22 manufacturing plants and 11 offices. The region already plays host to some of Ferrero’s best-known brands, including Nutella, Kinder, Tic Tac, Ferrero Rocher, Butterfinger, Keebler, Famous Amos, Halo Top, Bomb Pop and more.

The acquisition of WK Kellogg Co deepens Ferrero’s role in the cereal category, positioning the company as a multi-occasion food leader—from breakfast to confectionery to frozen treats.

WK Kellogg Co, a trusted company with beloved brands, represents a meaningful addition to the Ferrero Group,” said Lapo Civiletti, CEO of Ferrero. “This marks an important step in expanding our presence across more consumption occasions in North America.”

WK Kellogg Co enters new phase of growth

Since becoming an independent company in 2023, WK Kellogg Co has focused on becoming a leaner, more profitable business. CEO Gary Pilnick said the Ferrero partnership will give the company greater resources to scale its brand portfolio and innovate in a competitive and evolving category.

“Joining Ferrero will provide WK Kellogg Co with more flexibility to grow our iconic brands,” said Pilnick. “As a family-owned private company with values that align with ours, Ferrero offers a great home for our people and purpose.”

Ferrero has confirmed that Battle Creek, Michigan will remain the headquarters for its cereal operations in North America, maintaining continuity for WK Kellogg Co’s legacy and workforce.

A significant shift in the food industry

The deal is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions.

This marks one of the largest food and beverage acquisitions of the year and signals Ferrero’s intent to compete more broadly across meal occasions, not just in sweets. It also reinforces a trend in which family-owned global players are shaping the future of everyday food brands.