Ferrero to acquire WK Kellogg Co in $3.1 billion deal
The Ferrero Group will acquire WK Kellogg Co for $23.00 per share in cash, representing a total enterprise value of $3.1 billion. The transaction will bring WK Kellogg Co’s breakfast cereal portfolio under Ferrero’s ownership, including manufacturing, marketing and distribution operations across the United States, Canada and the Caribbean.
Strategic expansion into breakfast cereals
The acquisition represents a significant diversification for Ferrero, traditionally known for confectionery products. The Italian company will gain control of established cereal brands including Kellogg’s Frosted Flakes, Kellogg’s Froot Loops, Kellogg’s Frosted Mini Wheats, Kellogg’s Special K, Kellogg’s Rice Krispies, Kellogg’s Raisin Bran, Kashi and Bear Naked.
“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,” said Giovanni Ferrero, Executive Chairman of the Ferrero Group.
The deal follows Ferrero’s established North American growth strategy, which has previously included acquisitions of brands such as Butterfinger, Keebler, Famous Amos, NERDS, Trolli, Blue Bunny, Bomb Pop and Halo Top. The company currently operates 22 plants and 11 offices across North America, employing more than 14,000 people.
Manufacturing and operational continuity
Battle Creek, Michigan will remain a core operational location following the transaction’s completion and will serve as Ferrero’s North American cereal headquarters. This decision reflects Ferrero’s commitment to maintaining the established manufacturing infrastructure that has supported WK Kellogg Co’s operations for nearly 120 years.
Gary Pilnick, Chairman and Chief Executive Officer of WK Kellogg Co, commented: “We believe this proposed transaction maximises value for our shareowners and enables WK Kellogg Co to write the next chapter of our company’s storied legacy.”
Transaction timeline and approvals
The agreement has received unanimous approval from WK Kellogg Co’s Board of Directors. WK Kellogg Co shareholders approved the sale to Ferrero in a virtual meeting on September 19, 2025. The W.K. Kellogg Foundation Trust and the Gund Family had previously committed to vote shares representing 21.7% of WK Kellogg Co’s common stock in favour of the transaction. Completion now remains subject to regulatory clearance and other standard closing conditions. The transaction is expected to close in the second half of 2025, after which WK Kellogg Co shares will cease trading on the New York Stock Exchange.
WK Kellogg Co has also announced preliminary second quarter 2025 results, expecting net sales between $610 million and $615 million, with adjusted EBITDA projected at $43 million to $48 million.
For more information, visit: www.ferrero.com
