Mondelez (NASDAQ:MDLZ) International said it will buy Clif Bar & Company, a leading U.S. maker of energy bars for an initial $2.9bln.
The deal will expand Mondelēz’s global snack bar business to more than $1 billion and is in line with the company’s strategy to reshape its portfolio to sustain higher long-term growth, the owner of Cadbury said.
“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondelēz International family,” said Dirk Van de Put, Chairman and CEO of Mondelēz International. “This transaction further advances our ambition to lead the future of snacking by winning in chocolate, biscuits and baked snacks as we continue to scale our high-growth snack bar business.
The deal is expected to be top-line accretive in year two and create cost synergies by using Mondelēz International’s global and North American scale to expand Clif’s sales distribution and gain further penetration in existing and new customers and channels in the U.S.
So far in 2022, the maker of Toblerone, Oreo and Tang announced an agreement to acquire Ricolino, a Mexican confectionary company and closed on its acquisition of Chipita SA - a leader in the Central and Eastern European snack-size cakes and pastries category.