Chips are scorching hot on Tuesday, but not the kind made by Nvidia, AMD or Intel.
Shares of Utz Brands, the Hanover, Pennsylvania-based snack maker known for its potato chips, cheese balls and red-and-white "Little Utz Girl" logo, erupted after European snack giant Intersnack agreed to take the company private.
Utz Brands surged 90% after European snack maker Intersnack agreed to take the potato-chip producer private for $14.25 a share in cash.
Utz Brands
The transaction will be financed with about $920 million from Intersnack, new term and asset-backed loans, and rollover equity from the Rice and Lissette family. BofA Securities advised Intersnack and arranged the debt financing.
"Intersnack shares our vision for Utz, and their marketing, manufacturing, and technology capabilities will be invaluable as we continue to invest in our brands and accelerate our strategy," Utz CEO Howard Friedman said.
The Utz take-private deal is expected to close in the fourth quarter of 2026, pending shareholder and regulatory approvals. Holders controlling about 42% of the stock have agreed to support the transaction. Utz will delist from the NYSE, with Intersnack and the Rice and Lissette family each owning 50%. Dylan Lissette will become executive chair.
"Our partnership with the Rice and Lissette Family, and commitment to Utz, represents a compelling opportunity for Intersnack to expand our exposure in
