Berkshire Hathaway To Buy H.J. Heinz Co.
NEW YORK (AP) - H.J. Heinz Co. says it agreed to be acquired by an investment consortium including billionaire investor Warren Buffett in a deal valued at $28 billion.
The ketchup company said Heinz shareholders will receive $72.50 in cash for each share of common stock they own. The deal value includes the assumption of Heinz's debt.
Buffett says, "Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products."
Berkshire Hathaway and 3G Capital say Heinz will remain headquartered in Pittsburgh.
The deal is expected to close in the 3rd quarter.