Ferrero group to acquire WK Kellogg Co for US$3.1B

ITALY – The Ferrero Group, a global leader in sweet packaged foods, has signed a definitive agreement to acquire WK Kellogg Co (NYSE: KLG) in an all-cash deal valued at US$3.1 billion.

Under the terms of the deal, Ferrero will pay US$23.00 per share for all outstanding equity in WK Kellogg Co, marking a major move into the breakfast cereal category in North America.

The acquisition gives Ferrero ownership of WK Kellogg Co’s extensive portfolio of iconic cereal brands, including Frosted Flakes®, Froot Loops®, Special K®, Rice Krispies®, Raisin Bran®, Kashi®, and Bear Naked®, strengthening the company’s foothold in the United States, Canada, and the Caribbean.

Founded in 1946 in Alba, Italy, Ferrero has grown into one of the largest sweet packaged food companies worldwide, with more than 61,000 employees and over 35 brands available in 170 countries.

The company entered the U.S. market in 1969 and has since built a strong North American portfolio including Nutella®, Kinder®, Tic Tac®, Ferrero Rocher®, Keebler®, Butterfinger®, Famous Amos®, and Blue Bunny®.

“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.

 “Today’s announcement marks an important milestone in Ferrero’s journey in North America.”

Lapo Civiletti, CEO of Ferrero Group, emphasized the strategic fit noting that WK Kellogg Co, a trusted company with beloved brands, represents a meaningful addition to the Ferrero Group.

“This move reinforces our commitment to delivering value to consumers in North America and beyond,” he said.

WK Kellogg Co, which became an independent publicly traded company in October 2023 following its spin-off from Kellogg Company, has operated for nearly 120 years and remains a cornerstone in the U.S. breakfast category.

In a statement, Gary Pilnick, Chairman and CEO of WK Kellogg Co, noted: “Joining Ferrero will provide WK Kellogg Co with greater resources and flexibility to grow our iconic brands in this competitive and dynamic market.”

Post-acquisition, Battle Creek, Michigan, WK Kellogg Co’s historical home, will remain the operational hub for Ferrero’s North American cereal business.

The transaction has been unanimously approved by WK Kellogg Co’s board of directors and is expected to close in the second half of 2025, pending shareholder and regulatory approvals.

Shareholders representing 21.7% of the company’s common stock, including the W.K. Kellogg Foundation Trust and the Gund Family, have committed to vote in favor of the transaction.

Upon completion, WK Kellogg Co will become a wholly owned subsidiary of Ferrero, and its shares will be delisted from the New York Stock Exchange.

In financial disclosures tied to the announcement, WK Kellogg Co shared preliminary second quarter 2025 results, projecting net sales between US$610 million and US$615 million and adjusted EBITDA between US$43 million and US$48 million. Full results will be released on August 5, 2025.

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