Ferrero, the Italian candy maker, has agreed to acquire WK Kellogg, the giant of American, in a deal valued at $3.1 billion, the companies announced on July 10.

The New York Times reports that the takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. For several years, Ferrero has been seeking to grow its business in North America, making a series of acquisitions, including Nestlé’s U.S. confectionary business in 2018.

Lapo Civiletti, the chief executive of the Italian group, said in the July 10 announcement that the deal would expand Ferrero’s presence in North America and help the company move beyond its candy and snack offerings.

“Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market,” said Gary Pilnick, chairman and chief executive officer of WK Kellogg Co.