Ferrero to buy Froot Loops maker WK Kellogg in $3.1 billion deal
Froot Loops cereal is getting an Italian twist.
Ferrero, the European confectionery giant behind Nutella and Ferrero Rocher, is set to acquire WK Kellogg Co., the maker of Froot Loops and other classic American cereals, in a $3.1 billion deal, according to a press release issued Thursday.
Under the agreement, Ferrero will purchase all outstanding shares of WK Kellogg Co for $23 per share in cash, the release said. Once finalized, WK Kellogg Co will become a wholly owned subsidiary of Ferrero and will no longer be publicly traded.
The deal has been unanimously approved by WK Kellogg Co’s board and is expected to close in the second half of 2025, pending shareholder and regulatory approval.
In a statement, Ferrero Group Executive Chairman Giovanni Ferrero called the deal a pivotal moment.
"I am thrilled to welcome WK Kellogg Co to the Ferrero Group,” he said. “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.”
He continued, "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.”
The acquisition is part of Ferrero’s broader strategy to expand its North American footprint and reach more consumers with trusted, beloved brands.
Ferrero now employs over 14,000 people across North America, operating 22 plants and 11 offices.
Its growing portfolio includes Nutella, Kinder, Tic Tac and Ferrero Rocher, along with U.S. staples like Keebler, Butterfinger, Famous Amos and frozen treats such as Halo Top, Bomb Pop, and Blue Bunny.
