UPDATE 1-Snacks maker UTZ Brands to be taken private in $2.9 billion deal

UTZ Brands Inc Class A

UTZ Brands Inc Class A

UTZ

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July 21 (Reuters) - Salty snacks maker Utz Brands UTZ.N on Tuesday agreed to be acquired by Germany's Intersnack Group in a deal valued at about $2.9 billion, including debt, sending the U.S. company's shares up about 85% premarket.

Intersnack, a private family-founded snack company, said it would 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.

Utz shares were trading at $13.98 before the bell.

The transaction will take the U.S. snacks maker private. Following the deal's completion, Intersnack and the Rice and Lissette family entities, descendants of Utz's founding family, will each own 50% of the company.


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