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‘Historic’ deal sees Heinz acquired for £18billion

15 February 2013

In a deal worth $28billion (£18bn) – the largest to date in the food industry - US group Berkshire Hathaway is acquiring food giant HJ Heinz Company in partnership with buyout firm 3G Capital Inc.

According to Berkshire Hathaway’s chairman, Warren Buffet, his company is funding between $12bn and $13bn of the total price agreed for Heinz.

Under the acquisition, Berkshire Hathaway and 3G Capital are paying $72.50 per share, with the total price to include assumption of the food group’s outstanding debt. The deal could be completed as early as Q3 2013, subject to clearance by regulators and shareholder approval.

Heinz says it expects to drive further growth as a private company under the ownership of the two investors, while Buffet told CNBC that Berkshire Hathaway is ready for another big transaction, as it has ‘large amounts of cash left’.

"The Heinz brand is one of the most respected brands in the global food industry and this historic transaction provides tremendous value to Heinz shareholders," said Heinz chairman, president and chief executive William 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."


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