Utz shareholders will receive $14.25 per share, a 91% premium to the July 20 closing price, taking the company private.
Germany-based Intersnack Group will acquire Utz Brands (NYSE:UTZ) in a $2.9 billion transaction, including debt. The deal offers $14.25 per share in cash, representing a 91% premium to Utz’s July 20 closing price of $7.45.
Utz shares surged nearly 90% to $14 in early trading Tuesday. The transaction will take the US salty snack manufacturer private, with Intersnack and the Rice and Lissette family entities each holding a 50% stake post-close. Utz will delist from the New York Stock Exchange.
Intersnack, a privately owned multinational snack producer, aims to expand its presence in the US market, where it currently has no operations. The acquisition follows Intersnack’s growth through organic expansion and prior deals across Europe and Oceania.