Heinz has been acquired by an investment group that includes billionaire investor Warren Buffett in a deal worth $28 billion.
According to the company, it’s the largest deal ever in the food industry and Heinz shareholders will receive $72.50 for each share of common stock they own.
The transaction value includes the assumption of Heinz’s debt. Based on Heinz's number of shares outstanding, the deal is worth $23.3 billion excluding debt.
In addition to its ketchup, Heinz makes Weightwatchers meals, Heinz beans and Classico sauces.
Berkshire Hathaway and 3G Capital, the investment firm which also bought Burger King in 2010, said that Heinz will remain headquartered in Pittsburgh.
Given the saturated North American market, Heinz has increasingly looked to emerging markets for growth. In its last quarter, the company said emerging markets made up 23% of sales.
Heinz said the deal was unanimously approved by its board and is expected to close in the third quarter.
