Mondelez said the Cadbury maker will also pay extra to sellers based on its earnings from Clif Bar.
The company said it will acquire the Clif, Luna and Clif Kid brands of bars in its portfolio through the acquisition, creating a global snack franchise of more than $1 billion.
“Mondelēz International is the right partner at the right time to support Clif in its next chapter of growth,” said Sally Grimes, CEO of Clif Bar & Company. “Our purposes and culture align, and being part of a global snack food company with extensive product offerings can help us accelerate our growth.”
The company said Mondelez will continue to manufacture Clif products at its facilities in Twin Falls, Idaho, and Indianapolis, Indiana.
The food and beverage giant, which also makes Toblerone, Oreo, and Tang, expects the deal to accrue with its bottom line in the second year after the deal and will also create cost synergies for Clif’s distribution due to the company’s global reach.
The Clif Bar acquisition marks the ninth transaction since 2018 as Mondelez reshapes its portfolio for higher long-term growth.
Mondelez said the deal is expected to close in the third quarter.
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