(Reuters) – Cadbury chocolate-maker Mondelez International Inc said on Monday it would buy a majority stake in UK protein bar company Grenade, expanding the mix of its healthy snacks offerings.
The terms of the deal were not disclosed. Sky News reported earlier in the day the deal was for 200 million pounds ($277.22 million).
The move has perfect timing as Mondelez has seen a surge in demand for its snacks and chocolates as people hunkered down during COVID-19 lockdowns.
Last quarter, the company’s revenue rose nearly 6% in Europe and about 14% in North America, Mondelez’s two largest markets.
Mondelez said Grenade’s current senior leadership, including co-founder Alan Barratt, would maintain a minority interest in the company and it would operate separately.
($1 = 0.7214 pounds)
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Krishna Chandra Eluri)
