Mondelēz International to Buy Undercover Snacks
The snack maker agreed to acquire Undercover Snacks as it adds another brand to its global portfolio.
Mondelēz International, Inc. (MDLZ) agreed to acquire Undercover Snacks, adding the snack brand to the global food company’s portfolio.
The Chicago-based company, which sells chocolate, crackers, cookies and other packaged foods, did not disclose a purchase price, an exchange ratio, a cash-per-share figure, a premium, or an expected close date in the announcement. Mondelēz said the deal highlights its continued expansion in the high-growth permissible-indulgence segment, describing Undercover Snacks as a crunchy quinoa crisp line with room to expand household penetration and distribution.
Mondelēz has spent the past year emphasizing brand investment, volume recovery and disciplined capital allocation after a stretch of cocoa-cost pressure that weighed on profitability. In its fourth-quarter and full-year 2025 results, the company said it was executing plans to create multi-year shareholder value through improved volumes, brand investments, structural cost savings and disciplined capital allocation coupled with stabilizing cocoa costs. In the second quarter of 2026 it reported organic net revenues up 2.2% and volume/mix up 0.7%, and said it delivered continued strength across Emerging Markets as well as strong growth and elevated execution in North America.
Those comments framed a period in which the company was still working through the cocoa inflation that had hit the third quarter of 2025 as peak costs of the year. Chair and Chief Executive Officer Dirk Van de Put said the company remained focused on volume improvement, growth investments and cost efficiencies, and that it was encouraged by recent moderation in cocoa prices. Full-year 2025 organic net revenues rose 4.3% and volume/mix fell 3.7%, with diluted earnings of $1.89 a share.
The Undercover Snacks purchase sits against that backdrop of a snack and chocolate portfolio that Mondelēz has been trying to put back on a volume footing. The announcement does not specify which geographies the brand will be sold in or whether the acquisition is expected to contribute to the volume and mix recovery Mondelēz has described.
No closing timetable, financing mix, or regulatory conditions were stated in the release. Mondelēz will still need to complete the transaction on terms it has not yet published, and the company has not indicated whether the deal is expected to be accretive, dilutive, or neutral to earnings.
What is on the record is that Mondelēz, a global packaged-foods company already spending on brands and volume, has agreed to add another snack name to that roster.
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