Beanz meanz Buffett: Berkshire snaps up Heinz in $28bn deal

Warren Buffett's Berkshire Hathaway has agreed to buy Heinz for $23bn, a 20% premium to yesterday's closing share price.

Buffett teamed up with investment firm 3G Capital for the merger, agreeing to pay $72.50 a share in cash for the food giant. The deal is valued at around $28bn including existing debt, making it one of the largest ever seen in the food industry, according to a statement from Heinz. Heinz said the deal would also be funded by debt financing from J.P. Morgan and Wells Fargo. The company did not confirm what proportion Berkshire would pay, however CNBC reported each side would put up $4.5bn in cash as part of the purchase. "It's my kind of deal and it's my kind of partner," said Bu...