ATHENS — Mondelez International on Wednesday announced an agreement for the acquisition of Chipita, a leader in the bakery product and snacks in central and eastern Europe, for around 2.0 billion US dollars.

Chipita was founded in Greece 40 years ago. It reported revenue of 580 million US dollars in 2020 and its product portfolio includes several brand names such as 7Days, Chipicao and Fineti.

"We welcome Chipita's products in the Mondelez International family that will help us become a global leader in the snack business," Dirk Van de Put, chairman and CEO in Mondelez International said in a statement. "Chipita's emblematic brands and its significant presence in so many attractive markets are a strong strategic addition to our portfolio and our future ambitions for development in Europe and beyond," he added.

Spyros Theodoropoulos, Chipita's CEO, said, "I am certain that the acquisition by Mondelez International will create new prospects for Chipita's people and its products".

Chipita's products are produced in 13 factories and distributed to more than 50 countries, a consumer market of nearly 2 billion people.

Mondelez International said the acquisition was financed through a combination of new debt and existing cash and added that the transaction will contribute to the direct increase of earnings per share.

Competition authorities need to approve the transaction, which does not include P.G. Nikas ABEE and Chipita's minority stakes in a joint venture in India.