Mondelez to buy energy bar maker Clif Bar for $2.9 billion

Mondelez International Inc said on Monday it will buy energy bar maker Clif Bar & Company for $2.9 billion to expand its global snack bar business.

The Cadbury maker will also pay additional amounts to the sellers depending upon its earnings from Clif Bar, Mondelez said. The company said it will get the Clif, Luna and Clif Kid brands of bars in its portfolio through the acquisition, creating a $1 billion-plus global snack bar franchise for itself.

Mondelez will continue to manufacture Clif's products in its facilities at Twin Falls in Idaho and Indianapolis in Indiana, the company said.