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Berkshire Hathaway, Brazilian firm 3G Capital team up to acquire Heinz for $28 billion |
02.15.2013
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H.J. Heinz Company, makers of Heinz ketchup and OreIda potatoes, has agreed to be acquired by an investment consortium comprised of Berkshire Hathaway and 3G Capital. Valued at $28 billion (including assumed debt), the deal is the largest ever in the food industry.
Heinz shareholders will receive $72.50 in cash for each share of common stock they own, a 20 percent premium to Heinz's closing share price of $60.48 on February 13.
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"The Heinz brand is one of the most respected brands in the global food industry and this historic transaction provides tremendous value to shareholders," said Heinz Chairman, President and CEO William R. Johnson. "We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz." The company's global headquarters will remain in Pittsburgh.
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