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. The Ferrero Group said Thursday it will pay $23 for each Kellogg share,

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

The deal brings candy and cereal together under one roof as European chocolate giant Ferrero expands its US footprint.