Ferrero, the company behind Nutella and Butterfinger, is acquiring cereal maker WK Kellogg in a $3.1 billion deal. The Italian confectionery giant will pay $23 per share to take Kellogg private, expanding its breakfast offerings across the United States, Canada, and the Caribbean.

The acquisition includes manufacturing, marketing, and distribution rights for Kellogg's popular cereal brands including Fruit Loops, Special K, Frosted Flakes, and Rice Krispies. Pending shareholder approval, the transaction is expected to close in the second half of 2025.

Once completed, Kellogg's stock will cease trading on the New York Stock Exchange, and the company will operate as a Ferrero subsidiary. This strategic move positions Ferrero to strengthen its presence in the North American breakfast market.