Ferrero Group has announced a definitive agreement to acquire WK Kellogg Co for EUR2.87bn (USD3.1bn), bolstering its strategic expansion in the North American breakfast market.
The all-cash deal, priced at USD23.00 per share, represents a 40% premium over WK Kellogg Co’s 30-day volume weighted average trading price.
The acquisition brings Ferrero ownership of a portfolio of iconic cereal brands, including Kellogg’s Frosted Flakes®, Special K®, Froot Loops®, and Rice Krispies®, as well as better-for-you labels like Kashi® and Bear Naked®. These will now sit alongside Ferrero’s existing North American offerings, which include Nutella®, Kinder®, Keebler®, and Blue Bunny®.
Giovanni Ferrero, Executive Chairman of the Ferrero Group, said the deal is “more than just an acquisition – it represents the coming together of two companies, each with a proud legacy and generations of loyal consumers.” The move further diversifies Ferrero’s reach across more dayparts and strengthens its U.S. supply chain, where it now counts over 14,000 employees across 22 plants and 11 offices.
WK Kellogg Co, which was spun off as an independent company in October 2023, reported estimated Q2 2025 sales of USD610–615m and adjusted EBITDA of USD43–48m. The company will continue to be headquartered in Battle Creek, Michigan, which will also serve as Ferrero’s new North American cereal hub.
WK Kellogg Co’s board unanimously approved the transaction. Major shareholders, including the W.K. Kellogg Foundation Trust and the Gund Family, representing 21.7% of shares, have committed to vote in favour. The deal is expected to close in H2 2025, subject to shareholder and regulatory approval.
Ferrero has been advised by Lazard and BofA Securities, with Davis Polk & Wardwell as legal counsel. WK Kellogg Co is advised by Goldman Sachs and Morgan Stanley, with Kirkland & Ellis providing legal support.
Find out more at: https://www.ferrero.com/int/en/