The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.

Ferrero, the Italian candy maker known for brands including Nutella and Kinder, has agreed to purchase U.S. cereal company WK Kellogg for $3.1 billion, according to reports. The Ferrero Group will acquire WK Kellogg at a price of $23 per share.

Italy's Ferrero has continued its U.S. spending spree with its proposed acquisition of famous cereal maker WK Kellogg amid wider food manufacturer consolidation.

WK Kellogg Co’s headquarters is in Battle Creek. After the transaction closes, Battle Creek will remain a core location for the company and will be Ferrero’s headquarters for North America cereal, a news release from WK Kellogg states.

BATTLE CREEK, Mich. — WK Kellogg was purchased by Italian candy manufacturer, Ferrero, on Thursday. Ferrero purchased the food distributor for $3.1 billion.

Michigan's WK Kellogg Co., the cereal giant, is set to be acquired by the Italian candymaker behind Ferrero Rocher in a nearly $3 billion deal, the Wall Street Journal reported Wednesday. A deal with parent Ferrero SpA, the maker of Butterfinger candy bars and Nutella hazelnut spread, could be finalized as soon as this week, according to reports.

The Ferrero Group said Thursday it will buy WK Kellogg Co. in a deal valued $3.1 billion, expanding the Italian food giant's global reach. Kellogg, which was founded in Battle Creek, Michigan, in 1906, is known for brands including Corn Flakes, Froot Loops, Rice Krispies and Special K. Ferrero's brands include Nutella and Rocher chocolates.

Kellogg Kickstart program will take place from 1 to 4 p.m. on Tuesdays and Thursdays, running from July 8 through Aug. 14.