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Mondelez completes acquisition of Tate's Bake Shop

Mondelez International Inc. said it completed its acquisition of Tate's Bake Shop Inc., a premium cookie and baked goods company.

The buyer announced last month that it agreed to pay about $500 million for the target and would operate it as a separate business to maintain its brand authenticity and corporate culture.

"Tate's on-trend products complement our existing biscuits portfolio and provide access into the fast-growing premium cookie segment," said Mondelez Chairman and CEO Dirk Van de Put.