Germany's Intersnack Group agreed to acquire Utz Brands in a $2.9 billion all-cash transaction that values the Hanover, Pa., snack maker at $14.25 per share. The offer represents a 91% premium to Monday's closing price of $7.45, signaling strong confidence in Utz's market position despite recent share pressure.

The deal marks a significant exit for Utz shareholders and continues a wave of consolidation in the snack food sector. Intersnack, a major European snack producer, gains immediate scale in the U.S. market through Utz's established distribution network and brand portfolio including potato chips, pretzels, and cheese snacks.

Utz's board unanimously approved the transaction, which is expected to close in the first half of 2025 pending regulatory approvals and customary closing conditions. The company will cease trading on the New York Stock Exchange upon completion.