Davis Polk Advised Ferrero Group On $3.1 Billion Acquisition Of WK Kellogg

Davis Polk advised Ferrero Group on $3.1 billion acquisition of WK Kellogg

Davis Polk advised The Ferrero Group on its acquisition of all outstanding equity of WK Kellogg Co for $23.00 per share in cash, representing a total enterprise value of $3.1 billion. Upon successful completion of the transaction, shares of WK Kellogg’s common stock will no longer trade on the New York Stock Exchange, and the company will become a wholly owned subsidiary of Ferrero. The transaction is expected to close in the second half of 2025, subject to approval by WK Kellogg’s shareholders, regulatory approvals, and other customary closing conditions.

Ferrero, founded in 1946, is one of the world’s largest sweet-packaged food companies, with over 35 iconic brands sold in more than 170 countries, and approximately 61,000 employees. Ferrero’s signature brands include Nutella, Kinder, Tic Tac, Ferrero Rocher, Butterfinger, and Keebler.

Founded in 1894 by W.K. Kellogg with the creation of Corn Flakes, WK Kellogg is a global food manufacturer creating high-quality and delicious products found in the majority of households across North America. Its iconic brand portfolio includes Frosted Flakes, Rice Krispies, Froot Loops, Kashi, Special K, Raisin Bran, and Bear Naked.

The Davis Polk team was led by Daniel Brass (Partner) and Michael Senders (Partner), with support from Samuel Liebmann (Associate). Nick Benham (Partner), Aaron Ferner (Partner), and Jack Orford (Partner) advised on finance aspects; Jennifer S. Conway (Partner) advised on executive compensation; Kara L. Mungovan (Partner) and Aliza Slansky (Partner) advised on tax; Frank Azzopardi (Partner) advised on intellectual property; and Nathaniel L. Asker (Partner) advised on antitrust and competition matters. Members of the Davis Polk team are based in the New York and London offices.

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