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 will acquire WK Kellogg in a $3.1B deal, adding top cereal brands like Frosted Flakes and Special K to its growing portfolio.

Ferrero, the Italian candy company behind Ferrero Rocher and Nutella, agreed to a deal to buy WK Kellogg, according to a press release issued Thursday morning.

Ferrero said the deal would expand its presence in North America and help the company move beyond its candy and snack offerings.

In one of the most significant acquisitions in the food industry, Italian food giant Ferrero has acquired American cereal giant Kellogg's for $3.1 billion (£2.3 billion), making popular food brands such as Kellogg's Frosted Flakes,