Ferrero has agreed to buy WK Kellogg in a $ 3.1 billion deal, companies announced Thursday. File Photo by Miguel Gutierrez/EPA
July 10 (UPI) -- Italy's Ferrero will acquire U.S. cereal maker WK Kellogg in a $ 3.1 billion deal, the companies announced Thursday.
The agreement includes manufacturing, marketing and distribution of WK Kellogg's portfolio of breakfast cereals across the United States, Canada and the Caribbean.
Pending approval from shareholders, $23 per share cash deal is expected to close in the latter half of the year.
Ferrero plans to invest in WK Kellogg's brands such as Frosted Flakes, Froot Loops, Mini Wheats, Special K, Rice Krispies, Raisin Bran, Bear Naked and more as it seeks to expand growth.
