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Utz Brands agreed to be taken private by Germany’s Intersnack Group in a $2.9 billion deal, with shareholders set to receive $14.25 per share, a roughly 91% premium to the prior close. The stock surged about 90% following the announcement, reversing a 28% year-to-date decline. The transaction values Utz at a significant premium and is expected to close in the fourth quarter.

Under the deal structure, entities controlled by the Rice and Lissette families will retain a 50% stake, with Intersnack holding the remaining half. The acquisition will be financed through $920 million in cash from Intersnack, alongside a $1.1 billion term loan and a $250 million asset-based lending facility, with additional support from rollover equity and a $44 million tax-related settlement.

The move underscores a broader trend of European food companies expanding into the U.S. market for growth. Utz, which generated over $1.4 billion in revenue in 2025, brings a portfolio including pretzels, Zapp’s snacks, and On the Border chips. For Intersnack, which reported €4.5 billion in annual sales, the deal strengthens its global footprint beyond Europe and Australia, leveraging its strategy of scaling regional snack brands through an expanded production and distribution network.