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

The $3.1 billion acquisition would combine Ferrero, which makes Tic Tacs and Nutella, with the producer of Frosted Flakes and Froot Loops.