DEERFIELD, ILL. — Mondelez International has completed the previously announced acquisition of Tate's Bake Shop, a premium cookie brand, for approximately $500 million. The company said it will operate Tate’s as a separate, standalone business under its current management team from its Long Island, N.Y., headquarters.

“The Tate’s Bake Shop acquisition represents the type of bolt-on transaction that will leverage our strengths and drive growth and value for our shareholders,” said Dirk Van de Put, chairman and chief executive officer of Mondelez International. “Tate’s on-trend products complement our existing biscuits portfolio and provide access into the fast-growing premium cookie segment. We‘re excited to begin working with the Tate’s team to expand the reach of this beloved authentic brand to more consumers around the world.”

The acquisition was announced in May. Tate's Bake Shop previously was owned by The Riverside Co., a global private equity firm, and other shareholders, including founder Kathleen King.