USA | The Ferrero Group and WK Kellogg Co. announced that they have entered into a definitive agreement under which Ferrero has agreed to acquire WK Kellogg Co.
The acquisition, which encompasses the manufacturing, marketing, and distribution of WK Kellogg Co.’s iconic portfolio of breakfast cereals across the United States, Canada, and the Caribbean, is part of Ferrero's strategic growth plan. It expands its reach across more consumption occasions with renowned, beloved brands and strong consumer relevance.
This transaction marked another milestone in Ferrero’s proven strategy to acquire, invest in, and grow iconic brands, as it continues to expand its overall footprint and product offerings in North America.
As a result of this strong growth, in North America, Ferrero and its affiliated companies currently count more than 14,000 employees across 22 plants and 11 offices. The North America portfolio includes Nutella, Kinder, Tic Tac, and Ferrero Rocher, as well as iconic American brands such as Butterfinger, Keebler, and Famous Amos.
It also includes confectionery brands such as Jelly Belly, NERDS, and Trolli, as well as frozen treat brands like Blue Bunny, Bomb Pop, and Halo Top.
"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.
“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."
Drawing upon its previous successful acquisitions in the United States, Ferrero plans to invest in and grow WK Kellogg Co’s iconic 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, Bear Naked, and more that are well-loved by American consumers.
“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,” said Gary Pilnick, Chairman and Chief Executive Officer.
Since becoming an independent public company in October 2023, WK Kellogg Co. have made excellent progress on its journey to become a more focused and profitable business, driven by exceptional people and a winning culture, all while laying a strong foundation for future growth.
“As a family-owned, private company with values aligned with those of our founder, W.K. Kellogg, Ferrero offers an excellent home for our people and has a proven track record of supporting the communities in which it operates. We look forward to collaborating with their team to deliver on the great promise of cereal, explore opportunities beyond cereal, and help us bring our best to consumers every day.”
Under the terms of the agreement, Ferrero will acquire all outstanding equity of WK Kellogg Co for USD 23.00 per share in cash, representing a total enterprise value of USD 3.1 billion.
Upon the successful completion of the transaction, shares of WK Kellogg Co.’s common stock will no longer trade on the New York Stock Exchange, and the company will become a wholly owned subsidiary of Ferrero. The agreement has been unanimously approved by the Board of Directors of WK Kellogg Co.
The transaction is subject to approval by WK Kellogg Co. shareholders, regulatory approvals, and other customary closing conditions, and is currently expected to close in the second half of 2025.
"WK Kellogg Co., a trusted company with beloved brands, represents a meaningful addition to the Ferrero Group. Enhancing our portfolio with these complementary household brands marks an important step towards expanding Ferrero’s presence across more consumption occasions and reinforces our commitment to delivering value to consumers in North America,” said Lapo Civiletti, Chief Executive Officer of the Ferrero Group.
Similar to WK Kellogg Co., Ferrero traces its roots to humble beginnings as a family-owned business, still operating in the town where it was founded.
After the transaction closes, Battle Creek, MI, will remain a core location for the company and will serve as Ferrero’s headquarters for North American cereal operations.
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