Germany’s Intersnack to buy US peer Utz in $2.9bn deal

Intersnack Group has agreed to acquire Utz Brands in a $2.9 billion transaction that will take the New York-listed snack maker private. The deal values Utz at $14.25 per share, a 91% premium to its July 20 close of $7.45, and is expected to close in Q4 pending regulatory approval. The acquisition gives Intersnack an entry into the large US snacking market and combines it with the founding Rice and Lissette families, who will retain 50% ownership. Financing includes about $920 million in cash, a new $1.1 billion loan facility, and $250 million from an ABL package. The announcement may support Utz shares given the steep premium, while signaling continued consolidation in the packaged snacks sector.