Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying U.S. cereal company WK Kellogg in a deal valued at approximately $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.

Under the agreement, Ferrero will purchase all outstanding shares of WK Kellogg Co for $23 per share in cash, the release said. Once finalized, WK Kellogg Co will become a wholly owned subsidiary of Ferrero and will no longer be publicly traded.