The Ferrero Group is acquiring WK Kellogg Co. in a deal valued at $3.1 billion, or $23 per share, the companies announced Thursday. The transaction is expected to close in the second half of 2025.
The acquisition includes the manufacturing, marketing and distribution of Battle Creek, Michigan-based WK Kellogg Co.’s breakfast cereal portfolio across the U.S., Canada and the Caribbean. The company’s brands include Kellogg’s Frosted Flakes, Froot Loops, Special K, Rice Krispies, Raisin Bran, Frosted Mini-Wheats, Kashi, Bear Naked and others.
WK Kellogg Co. was formed in October 2023 when Kellogg Co. split into two separate entities: WK Kellogg Co., focused on cereal, and Kellanova, focused on snacks. The company said the separation allowed it to sharpen its operational focus, optimize its manufacturing network and invest in improving profit margins.
“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,” said Gary Pilnick, chairman and CEO of WK Kellogg Co. “Since becoming an independent public company, we have made excellent progress toward becoming a more focused and profitable business. Joining Ferrero will provide greater resources and more flexibility to grow our iconic brands in a competitive market.”
Ferrero, Parsippany, New Jersey, and its affiliated companies have more than 14,000 employees across 22 plants and 11 offices. Its North American portfolio includes Nutella, Kinder, Tic Tac, Ferrero Rocher, Butterfinger, Keebler, Famous Amos, Jelly Belly, Nerds, Trolli, Blue Bunny, Bomb Pop and Halo Top.
“I am thrilled to welcome WK Kellogg Co. to the Ferrero Group,” said Giovanni Ferrero, executive chairman of the Ferrero Group. “This is more than just an acquisition—it represents the coming together of two companies with proud legacies and generations of loyal consumers.”
For the second quarter ended June 28, WK Kellogg Co. expects net sales between $610 million and $615 million, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) between $43 million and $48 million. Full second-quarter results are scheduled for release on Aug. 5.
Separately, in August 2024, Mars agreed to acquire Kellanova for $83.50 per share in cash, valuing the transaction at $35.9 billion. That deal is expected to close by the end of 2025.
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