Ferrero International Acquires WK Kellogg for $2.1 Billion, Expects Completion by End of September 2025

Ferrero International S.A. has completed the acquisition of WK Kellogg Co. for $2.1 billion, with a cash consideration of $23 per share. The deal was approved by the board and is expected to close by the end of September 2025, subject to regulatory approvals and shareholder approval. Lazard Freres & Co. LLC and Goldman Sachs & Co. LLC acted as financial advisors for Ferrero International S.A., while Morgan Stanley & Co. LLC acted as a fairness opinion provider. Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP acted as legal advisors for WK Kellogg Co.

Ferrero International S.A. has successfully completed the acquisition of WK Kellogg Co. for a total consideration of $2.1 billion, with a cash component of $23 per share. The transaction was announced on July 10, 2025, and received shareholder approval on September 19, 2025. The deal is expected to close by the end of September 2025, pending regulatory approvals.

The acquisition supports Ferrero's strategic growth plan in North America, expanding its reach across various consumption occasions with beloved brands. WK Kellogg Co's iconic portfolio, which includes Kellogg's Frosted Flakes, Rice Krispies, Froot Loops, Kashi, Special K, Kellogg's Raisin Bran, and Bear Naked, will now be wholly owned by Ferrero.

Ferrero, a global leader in sweet-packaged food, entered the U.S. market in 1969 and currently operates over 35 iconic brands in over 170 countries. The acquisition of WK Kellogg Co. will bolster Ferrero's portfolio and enhance its market presence in North America.

Financial advisors for Ferrero included Lazard Freres & Co. LLC and Goldman Sachs & Co. LLC, while Morgan Stanley & Co. LLC acted as a fairness opinion provider. Legal advisors for WK Kellogg Co. were Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP.