Ferrero Group has entered into a definitive agreement to acquire WK Kellogg Co for $23.00 per share in cash, placing the total value of the deal at $3.1 billion. The move is part of Ferrero’s strategy to expand its North American operations and diversify its product portfolio beyond confectionery.
Announced on July 10, 2025, the acquisition brings Ferrero into the U.S. cereal market, adding established brands such as Kellogg’s Frosted Flakes®, Special K®, and Kashi® to its holdings. WK Kellogg Co was spun off from Kellanova in 2023 and has since operated independently.
“This is more than just an acquisition – it represents the coming together of two companies, each with a proud legacy,” said Giovanni Ferrero, Executive Chairman of the Ferrero Group. “Today’s news is a key milestone in our journey.”
The deal follows Ferrero’s previous acquisitions of brands including Butterfinger®, Keebler®, and Halo Top®, reflecting its approach of growing through strategic purchases of recognized consumer brands.
WK Kellogg Co CEO Gary Pilnick commented, “We believe this proposed transaction maximizes value for our shareowners. Joining Ferrero provides a great home for our people and more flexibility to grow our iconic brands.”
Ferrero confirmed that Battle Creek, Michigan, will remain a central operational base and serve as the headquarters for its North American cereal business following the acquisition.
The transaction has received support from major stakeholders, including the W.K. Kellogg Foundation Trust and the Gund Family, which together hold 21.7% of shares. The deal is subject to regulatory and shareholder approvals and is expected to close in the second half of 2025. Once completed, WK Kellogg Co will become a wholly owned subsidiary of Ferrero and will be delisted from the NYSE.