Mondelēz International has agreed to acquire Greece-based snacks maker Chipita for a consideration of approximately $2bn.

Established four decades ago, Chipita is a key player in the croissants and baked snacks category in the Central and Eastern European region.

Its croissant and baked snack brands portfolio includes 7Days, Chipicao, and Fineti.

Chipita’s products are manufactured across 13 facilities and delivered to more than 50 countries.

Chipita CEO Spyros Theodoropoulos said: “Chipita, for more than 40 years, based on quality and innovation created a new category of snacks loved by consumers internationally.

“I am certain that the acquisition of Chipita by Mondelēz International, one of the world’s leading snacking companies, will create new prospects for its people and products.”

Chipita stated the deal does not include meat-processing business PG Nikas and its minority interest in the Indian joint venture.

With the acquisition of Chipita, Mondelēz International aims to further enhance its bakery portfolio with the addition of biscuits, cake and pastry.

Mondelēz intends to fund the deal using a combination of new debt issuance and existing cash.

Completion of the deal is subject to relevant antitrust approvals and closing conditions.

Mondelēz International chairman and CEO Dirk Van de Put said: “Welcoming Chipita’s delicious pastry products into the Mondelēz International family advances our strategy to become the global leader in broader snacking.

“Their iconic brands and significant scale across so many attractive geographies make them a strong strategic complement to our existing portfolio and future growth ambitions in Europe and beyond.”

Mondelēz plans to use Chipita’s Central and Eastern European distribution network capabilities to enhance its own distribution network and introduce its brands to new countries in the region and beyond.

The deal will also provide co-branding opportunities by bringing Mondelēz International’s chocolate brands to new categories.

In March 2021, Mondelēz International signed an agreement to acquire Gourmet Food Holdings, an Australian food company that specialises in biscuit and cracker products.