Utz Brands up after co to be taken private by Intersnack in $2.9 billion deal
UTZ•Utz Brands to be acquired by Intersnack
Shares of potato-chips and pretzels maker Utz Brands UTZ.N were up 87% at $13.95 premarket.
The company is to be acquired by Germany's Intersnack Group in a deal valued at about $2.9 billion, including debt.
Intersnack, a private family-founded snack company, will buy all outstanding shares of Utz Brands for $14.25 per share in cash, representing a premium of 91.3% to Utz's last closing price.
Following the transaction, UTZ will become a privately held company jointly owned by Intersnack and the Rice and Lissette family, descendants of Utz's founding family.
The deal will be financed through about $920 million of cash from Intersnack, a $1.1 billion term loan facility, a $250 million asset-based lending facility, and rollover equity from the Rice and Lissette family.
After closing the transaction, Dylan Lissette will become executive chair of Utz.
The deal is expected to close in the fourth quarter of 2026.
As of last close, the stock had fallen 28% year to date.
