Ferrero Group is buying WK Kellogg Co. for roughly $3 billion. The deal will see the parent company of several candy bar and snack brands add a collection of well-known breakfast cereals to its holdings,

WK Kellogg, the maker of iconic American cereal brands, will be folded into the privately held owner of Nutella and Tic Tacs in a $3.1 billion deal.

Under the agreement, Ferrero will purchase all outstanding shares of WK Kellogg Co for $23 per share in cash, the release said. Once finalized, WK Kellogg Co will become a wholly owned subsidiary of Ferrero and will no longer be publicly traded.