09:22 AM EDT, 07/10/2025 (MT Newswires) -- (Updates with additional details starting in the second paragraphs.)

WK Kellogg (KLG) signed an agreement to be acquired by Ferrero Group for $23 per share in cash for a total enterprise value of $3.1 billion, the companies said Thursday.

The deal, expected to close in H2, includes the manufacturing, marketing and distribution of WK Kellogg's portfolio of breakfast cereals in the US, Canada and the Caribbean, the companies said.

In connection with the agreement, WK Kellogg said it expects net sales of $610 million to $615 million for Q2 ended June 28.

Analysts polled by FactSet expect $651.6 million.

The companies said that upon completion of deal, WK Kellogg's common shares will cease trading on the New York Stock Exchange and the company will become a unit of Ferrero. Battle Creek, Michigan, will be Ferrero's headquarters for North America cereal after the deal closes, according to the companies.

WK Kellogg is due to report Q2 results on Aug. 5.

Shares were up over 30% in recent premarket activity.