Ferrero Acquires WK Kellogg in a $3.1 Billion Deal
Italian confectionery titan, Ferrero, famed for its Nutella and Kinder chocolates, has announced its acquisition of U.S. cereal manufacturer, WK Kellogg, in a $3.1 billion cash deal. The transaction values WK Kellogg at $23 per share, indicating a 31% premium over the closing price on Wednesday.
The acquisition encompasses WK Kellogg’s renowned breakfast cereal brands such as:
- Froot Loops
- Frosted Flakes
- Special K
- Rice Krispies
- Raisin Bran
In addition, the deal includes the company’s 14,000 employees and 22 manufacturing plants spread across the United States, Canada, and the Caribbean.
Following the announcement, WK Kellogg shares experienced a surge of over 30%. The deal is anticipated to conclude in the second half of 2025, subject to shareholder and regulatory approvals. This acquisition signifies Ferrero’s ongoing expansion in North America, succeeding its previous purchases of Nestlé’s U.S. candy business and Blue Bunny ice cream.
Source: CNBC