LUXEMBOURG and BATTLE CREEK, Mich. — The Ferrero Group will acquire WK Kellogg Co for a total enterprise value of $3.1 billion, or $23 per share in cash. This includes the manufacturing, marketing and distribution of WK Kellogg Co's portfolio of breakfast cereals across the United States, Canada and the Caribbean.

Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.

Ferrero, the Italian candy company behind Ferrero Rocher and Nutella, agreed to a deal to buy WK Kellogg, according to a press release issued Thursday morning.