Kirkland Advises WK Kellogg Co on Sale to Ferrero
Kirkland & Ellis is advising WK Kellogg Co (NYSE: KLG) on a definitive agreement under which the Ferrero Group has agreed to acquire WK Kellogg Co for $23.00 per share in cash, representing a total enterprise value of $3.1 billion. The acquisition, which includes the manufacturing, marketing and distribution of WK Kellogg Co’s iconic portfolio of breakfast cereals across the United States, Canada and the Caribbean, is part of Ferrero's plan for strategic growth and expands the company’s reach across more consumption occasions with renowned beloved brands and strong consumer relevance. Ferrero plans to invest in and grow WK Kellogg Co’s iconic brands including Kellogg’s Frosted Flakes®, Kellogg’s Froot Loops®, Kellogg’s Frosted Mini Wheats®, Kellogg’s Special K®, Kellogg’s Rice Krispies®, Kellogg’s Raisin Bran®, Kashi®, Bear Naked®, and more.
The agreement has been unanimously approved by the Board of Directors of WK Kellogg Co. and is subject to approval by WK Kellogg Co shareowners, regulatory approvals and other customary closing conditions. The transaction is currently expected to close in the second half of 2025. The W.K. Kellogg Foundation Trust and the Gund Family have entered into agreements pursuant to which they have committed to vote shares representing 21.7% of WK Kellogg Co’s common stock, as of July 7, 2025, in favor of the transaction.
Read the transaction press release
The Kirkland team includes corporate lawyers Allie Wein, Alix Simnock, Daniel Wolf, Thomas Bidwill, Eli Markham and Lilly Colby Rohan; capital markets lawyers Bob Hayward, Bob Goedert, Ashley Sinclair and Katie Holahan; debt finance lawyers Rachael Lichman and Carolyn Aiken; tax lawyers Ben Schreiner and Afshin Khan; executive compensation lawyers Matt Wood and Scott Price; antitrust & competition lawyers Andrea Murino; employment & labor lawyer Jackson Phinney; technology & IP transactions lawyer Seth Traxler, Rory Wellever and Melissa Moreno.
