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.

The deal brings brands like Nutella, Kinder, Tic Tac, Frosted Flakes, and Special K under one portfolio as Ferrero expands in North America