Nutella’s Parent to Acquire US Cereal Giant Kellogg’s

The Italian conglomerate first entered the American market in 1969, and today houses some of the most iconic brands.

Jars of Nutella are displayed on a shelf at a market iin San Francisco, Calif. Justin Sullivan/Getty Images

Italy-based food corporation Ferrero will buy out breakfast cereal company WK Kellogg Co. to further its expansion in the North American market, according to a July 10 statement from Ferrero.

Ferrero has agreed to acquire WK Kellogg Co. for $23 per share in cash, representing a total enterprise value of $3.1 billion, said the statement. The deal includes the manufacturing, marketing, and distribution of WK Kellogg Co.’s iconic portfolio of breakfast cereals across the United States, Canada, and the Caribbean.