The Cadbury manufacturer will also pay additional amounts to sellers based on its Clif Bar earnings, Mondelez said.
The company said it would get the Clif, Luna and Clif Kid bar brands into its portfolio through the acquisition, creating a billion-plus global snack bar franchise for itself.
“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, CEO of Clif Bar & Company. “Our goals and cultures are aligned and being part of a global snacking company with a broad product line can help us accelerate our growth.”
Mondelez will continue to manufacture Clif’s products at its facilities in Twin Falls, Idaho, and Indianapolis, Indiana, the company said.
The food and beverage giant, which also makes Toblerone, Oreo and Tang, expects the transaction to be revenue accretive in the second year following the deal and will also create synergies cost of distributing Clif due to the global scale of the business.
The acquisition of Clif Bar marks the ninth transaction since 2018 as Mondelez strives to reshape its portfolio for higher long-term growth.
The deal is expected to close in the third quarter, Mondelez said.