Mondelez To Buy European Snacking Company Chipita For About $2 Bln

(RTTNews) - Mondelez International Inc. (MDLZ) said that it agreed to buy a European Snacking Company, Chipita S.A. for about $2 billion.

The perimeter of the transaction does not include P.G. Nikas S.A., a meat-processing business, or Chipita S.A.'s minority interest in its Indian joint venture.

Mondelez plans to fund the purchase price through a combination of new debt issuance and existing cash.

Mondelez expects the transaction to be immediately accretive to earnings per share from closing. The transaction is subject to relevant antitrust approvals and closing conditions.

Chipita was established in Greece 40 years ago. It is a producer of salty and sweet snacks in Central and Eastern Europe, with about $580 million of revenue in 2020. The company has a portfolio of iconic brands that among others include: 7Days, Chipicao, and Fineti. It has 13 production plants with presence in over 50 countries and employs more than 5,100 employees.