The Italian candy company Ferrero plans to buy the American cereal maker Kellogg for $3.1 billion, the companies announced Thursday. The deal would unite the makers of household brands including Nutella and Frosted Flakes. American cereal giant Kellogg and Italian candy giant Ferrero have struck a sweet deal worth $3.1 billion.

The Ferrero Group said Thursday it will pay $23 for each Kellogg share, or approximately $3.1 billion. The transaction includes WK Kellogg Co.’s six manufacturing plants, and the marketing and distribution of its breakfast cereals across the United States, Canada and the Caribbean.

Breakfast cereal maker WK Kellogg on Thursday said that it has agreed to be acquired for $3.1 billion by Ferrero International, the Italian maker of Nutella. The big picture: Kellogg has struggled recently due to healthier-eating trends and inflation,