Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old American cereal company WK Kellogg in a deal valued at approximately $3.1 billion.

The Ferrero Group last week said it will pay $23 for each Kellogg share.

The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.’s portfolio of breakfast cereals across the United States, Canada and the Caribbean.

Kellogg, which was founded in Battle Creek, Mich., in 1906, makes Froot Loops, Special K, Frosted Flakes and Rice Krispies. The current company was formed in 2023, when Kellogg’s snack brands such as Cheez-Its and Pringles were spun into a separate company called Kellanova. M&M’s maker Mars Inc. last year announced that it planned to buy Kellanova in a deal worth nearly $30 billion.

The deal, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year.