Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.

Ferrero, the European confectionery giant behind Nutella and Ferrero Rocher, is set to acquire WK Kellogg Co ., the maker of Froot Loops and other classic American cereals, in a $3.1 billion deal, according to a press release issued Thursday.

LUXEMBOURG and BATTLE CREEK, Mich. — The Ferrero Group will acquire WK Kellogg Co for a total enterprise value of $3.1 billion, or $23 per share in cash. This includes the manufacturing, marketing and distribution of WK Kellogg Co's portfolio of breakfast cereals across the United States, Canada and the Caribbean.