WK Kellogg Co (KLG), a food maker, said on Thursday that it has inked a deal under which Ferrero Group, an Italian maker of branded chocolate and confectionery products, has agreed to acquire KLG for $23 per share in cash, or $3.1 billion.
The shareowners of KLG will receive $23 per share in cash, representing a 40% premium to the 30-day volume-weighted average trading price.
Gary Pilnick, CEO of WK Kellogg, said: "Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market."
The acquisition, to be closed in the second half of 2025, will support Ferrero's portfolio expansion and growth in North America by adding WK Kellogg's highly complementary- cereal brands.
Post-transaction, shares of KLG will no longer trade on the New York Stock Exchange, and the company will become a wholly owned subsidiary of Ferrero.
WK Kellogg has released its preliminary second quarter results.
For the second quarter ended on June 28, WK Kellogg expects net sales to be in the range of $610 million to $615 million with adjusted EBITDA of $43 million to $48 million.
WK Kellogg will release its second-quarter results on August 5.
KLG was up by 30.31% at $22.84 on the New York Stock Exchange.
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