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.

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

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.