Mondelez buys New York-based chocolate-maker Hu

Mondelez International Inc. said Jan. 5 it acquired 100% ownership in snacking company HU Master Holdings LLC.

New York-based Hu offers premium chocolate bars as well as premium, grain-free crackers in the U.S.

Mondelez, which makes Oreo cookies and Ritz crackers, did not disclose the financial terms of the transaction.

In 2019, Mondelez made a minority investment in Hu through SnackFutures innovation hub and secured a right of the first offer to acquire the company.

Earlier, The Wall Street Journal reported that Mondelez was planning to fully acquire Hu in a deal that valued the company at about $340 million.

In its statement on the deal, Mondelez said Hu will continue to operate as a separate business and produce all products at current manufacturing facilities.

In addition, Hu's senior leadership will receive a contingent payment based on the company's future performance.