Mondelez International, Inc. completed the acquisition of Clif Bar & Company.
August 31, 2022
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Mondelez International, Inc. (NasdaqGS:MDLZ) agreed to acquire Clif Bar & Company for $2.9 billion on June 20, 2022. The consideration also includes additional contingent earnout consideration. The possible payments range from zero to a maximum total of $2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of the base financial projections. The transaction shall be funded through a combination of debt and cash on hand. Mondelez International will continue to operate the Clif Bar & Company business from its headquarters in Emeryville. The acquisition is subject to customary closing conditions, relevant antitrust approvals and a pre-closing F reorganization and conversion to a limited liability company by Clif Bar & Company, and the transaction is expected to close in Q3 following customary regulatory review. The transaction is expected to be top-line accretive in year two. Doug Cogen, David Michaels, Adam Halpern, William Skinner, Connie Ellerbach, Stephen Gillespie, Matt Cantor, Thomas Ensign, Dean Kristy of Fenwick & West LLP acted as Legal advisors to Clif Bar & Company. Saee Muzumdar of Gibson Dunn acted as legal advisor to Mondelez. Morgan Stanley (NYSE:MS) acted as a financial advisor to Clif Bar & Company.
Mondelez International, Inc. (NasdaqGS:MDLZ) completed the acquisition of Clif Bar & Company on August 1, 2022.
Mondelez International, Inc. is one of the world's leading food processing groups. Net sales break down by family of products as follows:
- cookies and snacks (48.9%): Barni, belVita, Chips Ahoy, Club Social, Enjoy Life Foods, Honey Maid, Kinh Do, LU, Oreo, Prince, Ritz, Tate's Bake Shop, Tiger, Triscuit, TUC, Wheat Thins, etc. brands;
- chocolates (29.5%): 5 Star, Alpen Gold, Cadbury, Cadbury Dairy Milk, Côte d'Or, Daim, Freia, Hu, Lacta, Marabou, Milka, Toblerone, etc. brands;
- chewing gums and candies (12.3%): Halls, Clorets, Maynards Bassett's, Sour Patch Kids, Stride, etc. brands;
- cheese and grocery products (6%);
- beverages (3.3%): juices, teas and powdered beverages (Tang brand) and malted beverages (Cadbury Bournvita).
At the end of 2023, the group had 148 manufacturing sites worldwide.
Net sales are distributed geographically as follows: the United States (26.6%), North America (4.2%), Europe (35.7%), Asia/Pacific/Middle East/Africa (19.6%) and Latin America (13.9%).
MONDELEZ INTERNATIONAL, INC. 
