Mondelēz International Inc. announced an agreement to acquire Clif Bar & Company, leading U.S. maker of nutritious energy bars with organic ingredients, for $2.9 billion with additional contingent earnout consideration. 

The acquisition of leading on-trend brands CLIF®, LUNA® and CLIF Kid® expands Mondelēz International’s global snack bar business to more than $1 billion, including its complementary and leading refrigerated snacking business Perfect Snacks in the U.S. and leading 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. 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."

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, Mexico’s leading confectionary company, from Grupo Bimbo and closed on its acquisition of Chipita S.A., a leader in the Central and Eastern European snack-size cakes and pastries category.