The Italian confectioner said in a statement it would “work with the management and employees of Thorntons to grow the business, utilising the strong brands of each of Ferrero and Thorntons”.
The company said it would be conducting a “strategic and operational review of Thorntons’ business and operations”, but that it would maintain the Thorntons brand and Alfreton factory.
Ferrero chief executive Giovanni Ferrero said: “We are finally able to begin the journey of bringing together two companies which share the same passion for growing brands, and a proud heritage, drive and culture built upon their family foundations.
“I am proud to welcome Thorntons’ employees to the Ferrero family and we look forward to working with their experienced team.”
The completion of the sale comes after Ferholding UK, a subsidiary of Ferrero, agreed to acquire Thorntons in June this year, in a deal worth 145p per share. This valued the retailer at £111.9m.