Food and snack giant Mondelez agrees to buy energy bar company Clif Bar for nearly $3 billion

• Snack company Mondelez International has agreed to buy energy bar company Clif Bar for at least $2.9 billion.

Oreo maker Mondelez International is buying Clif Bar for at least $2.9 billion, the companies announced Monday.

The Clif, Luna, and Clif Kid brands are all included in the deal. Having the three bar brands in its portfolio will create an over $1 billion franchise for the company, according to Reuters.

"Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth," Sally Grimes, chief executive officer of Clif Bar & Company, said in the press release. "Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth."

Mondelez is among the major food companies that are raising prices as production costs rise, The Wall Street Journal reported. Mondelez's CEO Dirk Van de Put said earlier in June the company hasn't seen any cut back in purchases despite price increases, but that prices will continue to increase in the next year.

Clif products will continue to be manufactured in Twin Falls, Idaho, and Indianapolis, Indiana, according to Mondelez.

The acquisition is Mondelez's ninth deal since 2018, as it focuses on long-term growth. In 2022, Mondelez expects its organic net revenue to increase by over 4%, according to Reuters.

Mondelez expects the deal with Clif Bar to close in the third quarter.