Mondelēz International has signed a deal worth at least $2.9 billion to acquire Clif Bar & Company, an American maker of nutritious energy bars with organic ingredients.

Clif Bar & Company will stand to receive additional contingent earnout consideration from the confectionary giant.

Through the deal, Mondelēz International will add nutritious energy bar brands such as CLIF, CLIF Kid, and LUNA, thereby growing its global snack bar business to over $1 billion. The brands from Clif Bar & Company are expected to complement Mondelēz International’s refrigerated snacking business Perfect Snacks in the US and the UK-based performance nutrition business Grenade.

Dirk Van de Put — Mondelēz International Chairman and CEO said: “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.

“As a leader and innovator in well-being and sustainable snacking in the U.S, Clif Bar & Company embodies our purpose to ‘empower people to snack right’ and we look forward to advancing this important work with Clif’s committed colleagues in the years ahead.”

Mondelēz International said that it will continue to run the Clif Bar & Company business from its existing headquarters in Emeryville, California. Clif Bar & Company will also manufacture its nutritious energy bars as usual in its facilities in Idaho and Indianapolis in Indiana.

Sally Grimes — Clif Bar & Company CEO said: “Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth.

“Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth while staying true to our deeply ingrained Five Aspirations – sustaining our people, planet, community, business, and brands – five bottom lines that have grounded our company since its founding and will remain our North Star going forward.”

The deal, which is subject to regulatory approval and other conditions, is likely to close in Q3 2022.

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