Mondelēz International, Inc. has announced an agreement to acquire Clif Bar & Company, U.S. maker of nutritious energy bars with organic ingredients, for $2.9 billion with additional contingent earnout consideration. The acquisition of on-trend brands CLIF, LUNA, and CLIF Kid expands Mondelēz International’s global snack bar business to more than $1 billion, including its complementary refrigerated snacking business Perfect Snacks in the U.S. and performance nutrition business Grenade in the U.K. This acquisition also advances the company’s strategy to reshape its portfolio to sustain higher long-term growth.

“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 transaction is expected to be top-line accretive in year two and create cost synergies by using Mondelez 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.

“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 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.”

Mondelēz International will continue to operate the Clif Bar & Company business from its headquarters in Emeryville, CA, nurturing its entrepreneurial spirit and maintaining the brand’s purpose and authenticity. The company will also continue to manufacture its products in its facilities in Twin Falls, ID, and Indianapolis, IN.

The acquisition of Clif Bar & Company will build on Mondelēz International’s continued prioritization of fast-growing snacking segments in key geographies. So far in 2022, Mondelēz International has announced an agreement to acquire Ricolino, a Mexican confectionary company, from Grupo Bimbo and closed on its acquisition of Chipita S.A., a business in the Central and Eastern European snack-size cakes and pastries category. This progress followed a year of strong global snacking growth in 2021, including the acquisitions of Grenade, a U.K. performance nutrition company; Gourmet Food Holdings, an Australian food company in the attractive premium biscuit and cracker category; and Hu, a well-being snacking company in the United States.