WK Kellogg on Thursday agreed to be bought by the owner of Ferrero Rocher in a deal worth around $3.1 billion, uniting two of the world's most recognizable consumer brands to weather a tough spending backdrop marked by persistent inflation.

WK Kellogg, the maker of iconic American cereal brands, will be folded into the privately held owner of Nutella and Tic Tacs in a $3.1 billion deal.

Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.