The Italian maker of Ferrero Rocher and Nutella has set its sights on WK Kellogg as the U.S. cereal maker struggles to get traction.

Ferrero, known for brands like Nutella and Butterfinger, is taking cereal company WK Kellogg private in a deal valued at approximately $3.1 billion. The Ferrero Group will pay $23 for each

Italian confectioner Ferrero, parent to brands such as Nutella and Kinder, will acquire American cereal giant WK Kellogg for approximately $3.1 billion, as it seeks to expand its footprint in North America. With this acquisition, brands including Nutella, Tic Tac, Kinder, Froot Loops, Frosted Flakes, and Special K will come under one roof.