Mondelez To Acquire Clif Bar & Co. For About $2.9 Bln

(RTTNews) - Mondelez International Inc. (MDLZ) said Monday that it agreed 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 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.

Mondelez noted that it 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 transaction is expected to close in third-quarter following customary regulatory review.