Ferrero completes acquisition of WK Kellogg to strengthen North American growth

ITALY – The Ferrero Group has announced the successful completion of its acquisition of WK Kellogg Co, marking a significant step in its strategy to expand in North America through both organic growth and strategic investments. 

With the transaction closed, WK Kellogg Co becomes a wholly owned subsidiary of Ferrero.

The deal, first announced on July 10, 2025, was approved by WK Kellogg Co shareowners on September 19, 2025. 

As part of the agreement, shareowners will receive cash consideration for each share of WK Kellogg Co common stock held prior to the closing. 

WK Kellogg Co has ceased trading and will no longer be listed on the New York Stock Exchange.

Ferrero stated that the acquisition reinforces its long-term plan to grow its footprint across the United States, Canada, and the Caribbean by investing in WK Kellogg Co’s portfolio of iconic cereal brands. 

These include household names such as Kellogg’s Frosted Flakes®, Rice Krispies®, Froot Loops®, Kashi®, and Special K®. The company said it intends to enhance the reach of these brands across more consumption occasions while continuing to uphold their heritage and consumer trust.

Advisors on the deal included Lazard as lead financial advisor, with BofA Securities serving as co-advisor and Davis Polk & Wardwell LLP as legal counsel to Ferrero. 

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as financial advisors to WK Kellogg Co, with Kirkland & Ellis LLP serving as legal counsel.

This transaction comes after a period of restructuring within Kellogg’s former businesses.

In 2022, Kellogg spun off its cereal unit as WK Kellogg Co, while its snack division became Kellanova. That unit was subsequently acquired by Mars in 2024 for US$35.9 billion.

In 2019, Ferrero further strengthened its U.S. presence by acquiring Kellogg’s cookie, fruit snack, and ice cream businesses, including Keebler and Famous Amos, in a deal valued at US$1.3 billion. 

As of August 2024, Ferrero reported sales of approximately US$21.5 billion, underscoring the company’s consistent growth trajectory and appetite for strategic acquisitions.

Ferrero, founded in Alba, Italy in 1946, has grown into one of the largest sweet-packaged food companies worldwide. Its portfolio spans more than 35 brands, including Nutella®, Kinder®, Tic Tac®, Ferrero Rocher®, Keebler®, and Famous Amos®. With over 61,000 employees, the company maintains a presence in more than 170 countries.

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