Chicago-based snack food giant Mondelez International said Monday it has agreed to acquire Clif Bar & Company, the California-based maker of Clif, Clif Kid and Luna brand energy bars.
The deal was valued at $2.9 billion and includes “additional contingent earnout consideration,” Mondelez said in a news release.
“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 Mondelez International, in a statement. “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.”
