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.

The $3.1 billion acquisition would combine Ferrero, which makes Tic Tacs and Nutella, with the producer of Frosted Flakes and Froot Loops.

WK Kellogg on Thursday agreed to be bought by the owner of Ferrero Rocher in a deal worth around $3.1 billion, uniting two of the world's most recognizable consumer brands to weather a tough spending backdrop marked by persistent inflation.