The Ferrero Group is making a bold breakfast move. On July 10, Ferrero and WK Kellogg Co announced a definitive agreement under which Ferrero will acquire WK Kellogg Co for $23.00 per share in cash, representing a total enterprise value of $3.1 billion. The deal marks Ferrero’s largest foray yet into the U.S. cereal market and continues its broader strategy of portfolio expansion and category diversification across North America.
This acquisition means more than just cereal on the shelf. It signals a powerful alignment of two legacy food companies with shared values, decades of trust with consumers, and the ambition to grow through complementary strengths. From Frosted Flakes to Ferrero Rocher, the brands we grew up with are about to sit under the same roof.
Expanding the Ferrero family of brands
Ferrero has steadily grown its North American footprint through acquisitions over the last decade. With more than 14,000 employees in the region and a portfolio that includes Nutella, Kinder, Tic Tac, and Ferrero Rocher, Ferrero has been expanding beyond confectionery into snacking, frozen treats, and now cereals. Previous acquisitions include American favorites like Keebler, Butterfinger, Famous Amos, and frozen brands like Halo Top and Blue Bunny.
With WK Kellogg Co, Ferrero adds a breakfast powerhouse to its lineup: Frosted Flakes, Froot Loops, Frosted Mini-Wheats, Special K, Rice Krispies, Raisin Bran, Kashi, and Bear Naked, among others. These brands not only bring scale, but generations of morning rituals. And yes, Tony the Tiger is coming along for the ride.
“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.
A strategic and cultural fit
Ferrero and WK Kellogg Co share more than iconic brands. They both started as family businesses and have retained their core values over time. While Ferrero began in Italy in 1946, WK Kellogg Co was born in Battle Creek, Michigan, in 1894 when W.K. Kellogg invented Corn Flakes. Today, that same town will serve as the North American cereal headquarters for Ferrero. When the lights come on, Ferrero’s always center stage.
“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 Co.
For Ferrero, the acquisition opens doors to more consumption occasions. Breakfast was a white space. Now it’s a key growth territory.
The business mechanics
Under the agreement, Ferrero will acquire all outstanding shares of WK Kellogg Co for $23.00 per share in cash, a 40% premium to the 30-day average trading price, making the deal a clear value proposition for shareholders. The transaction, which has been unanimously approved by WK Kellogg Co’s Board of Directors, is expected to close in the second half of 2025.
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. The W.K. Kellogg Foundation Trust and the Gund Family, which together own 21.7% of the company’s shares, have agreed to vote in favor of the deal.
What’s next?
This move further solidifies Ferrero’s intent to be a major player in North America, not just in sweets, but across multiple food categories. With breakfast now in its toolkit, Ferrero will be able to tap into more dayparts, from morning bowls to afternoon snacks and evening treats.
For WK Kellogg Co, the deal brings investment, innovation potential, and stability. Since spinning off from Kellanova in 2023, the company has focused on becoming a leaner, more profitable business. Under Ferrero, that transformation gains new momentum.
If you’re in the CPG world, this deal is one to watch. It highlights the value of iconic brands, the power of legacy, and the importance of cross-category growth. In other words: it’s great business.
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