This Thursday, through a statement, the Italian company Ferrero announced the acquisition of the American multinational agri-food company WK Kellogg for a millionaire sum.

The details of the agreement state that the purchase is valued at approximately $3.1 billion dollars. “Joining Ferrero will provide WK Kellogg Co. with greater resources and flexibility to grow our iconic brands in this competitive and dynamic marketplace,” said Gary Pilnick, CEO of the American company in a statement.

According to the cereal manufacturer, the acquisition of Ferrero will include the manufacture, marketing and distribution of Kellogg’s cereal brands for the United States, Canada and the Caribbean.

For its part, Ferrero highlighted that it intends to pay $23 for each Kellogg share, which have risen in recent trading to more than 35%. In addition, the American manufacturer reported net sales of $663 million as it strengthens its plans to offer consumers more nutritious products.

Ferrero is one of the largest confectionery manufacturers in Italy and the second largest chocolate maker in the world, while Kellogg is recognized for its famous cereal brands Corn Flakes, Froot Loops, Rice Krispies and Special K.

Therefore, this partnership comes at a time when the Italian company is looking to further expand its presence in the American market. The acquisition process is expected to close by the second half of the year, and it has been announced that with this transition, Kellogg will no longer be listed on the New York Stock Exchange.