UTZ Brands (UTZ) has entered into a definitive agreement through which Intersnack Group will acquire all of its outstanding common stock for $14.25 per share in cash and take it private, the companies said Tuesday.

The price represents an enterprise value of about $2.9 billion and a 91% premium over Utz's closing price on July 20, according to a statement.

The deal is expected to close in Q4, subject to regulatory and other conditions, the companies said.

Shares of UTZ Brands were up more than 88% in premarket activity Tuesday.