Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old U.S. cereal company WK Kellogg in an effort to expand its North American sales.

Shares of cereal maker WK Kellogg ( KLG 30.63%) rose 34% this week as of noon E.T. Thursday, according to data provided by S&P Global Market Intelligence. One week after being added to a slew of Russell Value indexes, it turns out WK Kellogg was indeed a good value investment -- at least in the eyes of Ferrero.

Fererro Group, the Italian candy maker known for Nutella, is buying WK Kellogg for a whopping $3.1 billion. “We want the company to grow. If this is a deal that is going to help the company grow and build, we want that,” said Kara Beer, President and CEO of the Battle Creek Chamber of Commerce.

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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.

Ferrero has signed a deal to take WK Kellogg private in an agreement worth $3.1 billion, The Associated Press reported.