The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

The Ferrero Group has officially announced its acquisition of WK Kellogg Co, a move aimed at expanding its portfolio and enhancing its presence in the North American market.

Under the terms of the agreement, Ferrero will acquire WK Kellogg Co for $23.00 per share in cash, representing a total enterprise value of approximately $3.1 billion. This acquisition includes the manufacturing, marketing, and distribution of WK Kellogg’s well-known breakfast cereals across the United States, Canada and the Caribbean.

The deal, which has been unanimously approved by WK Kellogg's Board of Directors, is poised to strengthen Ferrero’s footprint in the breakfast segment, allowing the company to serve consumers at various times throughout the day with its expanded range of beloved brands. Shareholders of WK Kellogg Co are set to receive a 40% premium over the company's 30-day volume-weighted average trading price.

Giovanni Ferrero, executive chairman of the Ferrero Group, expressed enthusiasm for the acquisition, stating, "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 noted Ferrero’s commitment to integrating WK Kellogg’s iconic brands, which include Frosted Flakes, Froot Loops and Special K, into its existing portfolio that features products like Nutella, Kinder, and Tic Tac.

WK Kellogg Co, which has operated for nearly 120 years, has been focused on improving its operational efficiency and profitability since becoming an independent public company in 2023. Gary Pilnick, chairman and CEO of WK Kellogg, highlighted the benefits of joining Ferrero, stating, "Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive market."

The acquisition aligns with Ferrero's strategic growth plan, which has seen the company expand its North American operations significantly over recent years. Currently, Ferrero employs over 14,000 people across 22 plants and eleven offices in the region, and the addition of WK Kellogg Co’s workforce will further bolster these figures.

Lapo Civiletti, CEO of the Ferrero Group, noted that this acquisition marks an important step in expanding Ferrero’s presence across more consumption occasions. He reaffirmed the company's commitment to delivering value to consumers in North America.

The transaction is subject to approval by WK Kellogg Co shareholders, regulatory approvals, and other customary closing conditions, with an expected completion in the second half of 2025. Notably, the W.K. Kellogg Foundation Trust and the Gund Family have already committed to vote shares representing 21.7% of WK Kellogg Co’s common stock in favour of the transaction.

As part of the announcement, WK Kellogg Co also provided preliminary financial results for the second quarter of 2025, projecting net sales between $610 million and $615 million, with adjusted EBITDA expected to range from $43 million to $48 million.