Mondelez International Inc said on Monday it will buy energy bar maker Clif Bar & Company for $2.9 billion to expand its global snack bar business.
The Cadbury maker will also pay additional amounts to the sellers depending upon its earnings from Clif Bar, Mondelez said.
The company said it will get the Clif, Luna, and Clif Kid brands of bars in its portfolio through the acquisition, creating a $1 billion-plus global snack bar franchise for itself.
“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, Chief Executive Officer, Clif Bar & Company. “Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth.”…