LIVE VIDEO: WTLV Live Video_1    Watch
 
LIVE VIDEO: Good Morning Jacksonville    Watch
 

Heinz agrees the to buyout by Berkshire Hathaway, 3G

8:16 AM, Feb 14, 2013   |    comments
  • Share
  • Print
  • - A A A +

H.J. Heinz, the food giant, says it has entered into an agreement to be acquired by Berkshire Hathaway and 3G Capital.

Shareholders will receive $72.50 in cash for each share of common stock they own, in a transaction valued at $28 billion, including the assumption of Heinz's outstanding debt, the company says.

"As a private enterprise, Heinz will have an opportunity to drive further growth and advance our commitment to providing consumers across the globe with great tasting, nutritious and wholesome products," said Heinz CEO William Johnson.

The deal has been approved by Heinz's board but does require approval by the company's shareholders.

Warren Buffett, chairman and CEO of Berkshire Hathaway, said, ""Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products. Their global success is a testament to the power of investing behind strong brand equities and the strength of their management team and processes."

Berkshire and 3G say Heinz will keep its global headquarters in Pittsburgh.

3G Capital is a global investment firm. Buffett told CNBC that 3G brought the deal to him in December, and that the two firms will be equal equity partners in Heinz and in the financing for the deal.

Ray Goldbacher, USA TODAY

Most Watched Videos