Ferrero has announced its acquisition of US-founded cereal company WK Kellogg for £2.3bn, including debt as well.

The Italian-owned confectionary brand, which is the parent company of Nutella, Tic Tac, and Kinder, has agreed to buy WK Kellogg, which operates Kellogg’s Corn Flakes, Rice Krispies, and Froot Loops, for $23 per share in cash.

Ferrero is interested in growing its global footprint with the new deal, acquiring a cereal brand that began in 1946. Shares of WK Kellogg surged by 30.6% after the deal was announced, according to Reuters.

The acquisition comes as consumers are leaning more towards healthier foods, which has led to a change in operations for most companies.

Kellogg’s separated the companies into two different divisions: WK Kellogg, which operates the cereal brands, and the Kellanova company, which operates snack brands, including Pringles and Pop-Tarts. Kellanova was also acquired and joined Mars for a deal worth £17.2bn.

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Giovanni Ferrero, chief executive of the Ferrero Group said: “I am thrilled to welcome WK Kellogg Co to the Ferrero Group. This is more than just an acquisition—it represents the coming together of two companies, each with a proud legacy and generations of loyal consumers.

“Over recent years, Ferrero has expanded its presence in North America, bringing together our well-known brands from around the world with local jewels rooted in the U.S. Today’s news is a key milestone in that journey, giving us confidence in the opportunities ahead.”

Moving forward, Ferrero plans to invest in expanding Kellogg’s range and growing its already popular lines of cereal in the US.

Gary Pilnick, Chairman and Chief Executive Officer of WK Kellogg Co added: “We believe this proposed transaction maximises value for our shareowners and enables WK Kellogg Co. to write the next chapter of our company’s storied legacy.

“Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market.”