Two iconic brands -- legendary investor Warren Buffett and ketchup-maker H.J. Heinz -- are coming together in a $28 billion deal, the largest ever in the food industry's history.
Heinz confirmed Thursday that it agreed to be acquired by Buffett's Berkshire Hathaway and 3G Capital Management for $72.50 a share, or $28 billion, including debt. The deal was first announced on CNBC.
Shares of Heinz were up more than 20 percent in pre-market trading following the announcement.
Berkshire and and 3G will each put up $4.5 billion cash for the deal, along with debt financing from JPMorgan Chase and Wells Fargo.
3G, a Brazilian investment firm, owns a majority stake in Burger King.
In an interview with CNBC's "Squawk Box," Buffett, Berkshire Hathaway chairman and CEO, said that from an operational standpoint "Heinz will be 3G's baby."
Buffett said he first started talking about the Heinz deal back in December, "but I have a file on Heinz that goes back to 1980."
"This is my kind of deal and my kind of partner," he added. "Heinz is our kind of company with fantastic brands."
? 2013 CNBC.com
URL: http://www.cnbc.com/100442835
Source: http://www.nbcnews.com/business/buffetts-berkshire-28-billion-deal-buy-heinz-1C8369091
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