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Ferrero has announced that its $3.1 billion acquisition of WK Kellogg has been completed, marking a new milestone in the company’s North America growth strategy.

The deal, first announced in July and approved by WK Kellogg Co shareholders in September, makes the cereal business a wholly owned subsidiary of the Italian confectionery company. WK Kellogg Co, which separated from Kellogg Company in 2023, has since been delisted from the New York Stock Exchange, with shareholders receiving a cash payment for each share held prior to closing.

The acquisition brings a roster of well-known brands under Ferrero’s ownership, including Frosted Flakes, Rice Krispies, Froot Loops and Special K. The company will now have a stronger presence in North America across breakfast and snacking occasions, complementing its existing confectionery portfolio.

Ferrero said the move is in line with its strategy of acquiring 'iconic brands in attractive categories' while continuing to invest in innovation and organic growth.

The group also highlighted WK Kellogg’s sustainable business framework, Feeding Happiness, as a foundation for future expansion in the US, Canada and the Caribbean.