Kellogg’s, famous for making Frosted Flakes and Froot Loops, has struck a deal to be being for $3.1 billion by the Ferrero Group, which owns Nutella and Kinder.

Italian candy maker Ferrero has agreed to acquire American cereal giant WK Kellogg in a deal valued at $3.1 billion, the companies announced Thursday. The transaction includes the manufacturing, marketing and distribution of Kellogg's portfolio of breakfast cereals across the United States,

Ferrero, known for brands like Nutella and Butterfinger, is taking cereal company WK Kellogg private in a deal valued at approximately $3.1 billion.