Nutella’s parent company Ferrero is buying cereal maker WK Kellogg for $3.1B

Nutella maker Ferrero Group is buying cereal giant WK Kellogg Co in a $3.1 billion deal.

Shares of WK Kellogg jumped more than 30% in early trading. Ferrero said that it “plans to invest in and grow” the Kellogg business, which includes 14,000 employees and 22 plants.

WK Kellogg is Ferrero’s most substantial acquisition so far, with a market cap of roughly $1.5 billion and a portfolio of household-name cereals including Raisin Bran, Corn Flakes and Apple Jacks. Ferrero also bought Nestlé’s U.S. business and Blue Bunny ice cream in recent years.

Ferrero, meanwhile, makes a number of sweet treats including Baby Ruth candy bars, Kinder chocolates, Keebler and Famous Amos cookies, as well as its namesake Ferrero Rocher chocolates.

Read more from CNN.