Ferrero has agreed to buy WK Kellogg in a $3.1 billion deal, reported the Wall Street Journal.

“The deal would combine two storied consumer food makers from both sides of the Atlantic. WK Kellogg is the company behind Froot Loops, Frosted Flakes, Rice Krispies and a variety of other cereal monikers. … Ferrero has expanded internationally to become the world’s third-largest chocolate confectionery company, with some 35 brands that are sold in more than 170 countries. Its pantry includes Butterfinger, Baby Ruth, Kinder and its namesake chocolate treats,” wrote the Journal.

WK Kellogg is a product of Kellogg spinning off its North American cereal business into a separate publicly traded company about two years ago. The remaining global snacking business, Kellanova, agreed to sell itself to Mars in a more than $30 billion transaction last year.

Per the report, Ferrero has been targeting the U.S. for acquisitions to grow geographically and expand by category. It bought Wells Enterprises, the maker of Blue Bunny and other ice-cream brands, after striking a $2.8 billion deal to acquire Nestlé’s U.S. chocolate business.

In January, NACS Daily reported that Ferrero signed an agreement to acquire Power Crunch from Bio-Nutritional Research Group Inc. Founded in 1996, Power Crunch has “seen strong growth recently driven by its portfolio of popular protein snacks, including a variety of wafer bars as well as high-protein crisps, which launched in 2024.

The acquisition “further supports Ferrero's expansion in the better-for-you product category, following the acquisitions of FULFIL and Eat Natural in Europe. It also is the latest in a series of acquisitions growing Ferrero’s footprint in the United States, following the integration of everyday chocolate brands Butterfinger, Baby Ruth and Crunch as well as cookie brands Keebler, Famous Amos and Mother’s,” said Ferrero.