Berkshire Hathaway will acquire the Heinz ketchup brand for about $28 billion.
Warren E. Buffett has found another American icon worth buying: H. J. Heinz.
Berkshire Hathaway, the giant conglomerate that Mr. Buffett runs, said on Thursday that it would buy the food giant for about $23 billion, adding Heinz ketchup to its stable of prominent brands.
Mr. Buffett is teaming up with 3G Capital Management, a Brazilian-backed investment firm that owns a majority stake in a company whose business is complementary to Heinzs: Burger King.
Under the terms of the deal, Berkshire and 3G will pay $72.50 a share, about 20 percent above Heinzs closing price on Wednesday. Including debt, the transaction is valued at $28 billion.
This is my kind of deal and my kind of partner, Mr. Buffett told CNBC on Thursday. Heinz is our kind of company with fantastic brands.