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.
- Yellen faces GOP criticism over weak economic...
- How the UK could remain in the EU even if it...
- US new-home sales tumbled in May after a...
- Markets reel as world absorbs shock of UK...
- Asian stocks mixed as markets await Brexit...
- How the Brexit could affect U.S. businesses...
- Costco begins new credit card agreement
- Photos: Ancestry opens new headquarters in Lehi
- Trial ordered for politician accused of... 7
- What Costco shoppers should know about... 5
- Costco begins new credit card agreement 4
- Emery County defrauded out of nearly... 4
- GOP gubernatorial candidate Jonathan... 4
- Yellen faces GOP criticism over weak... 3
- Delta pilots picket for better pay in... 3
- How the Brexit could affect U.S.... 2