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 his stable of prominent brands.
Mr. Buffett is teaming up with 3G Capital, a Brazilian investment firm that owns a majority stake in a company whose business is complementary to Heinz’s: Burger King.
Under the terms of the deal, Berkshire and 3G will pay $72.50 ashare, a roughly 20 percent premium to Heinz’s closing price on Wednesday. Including debt, the transaction is valued at $28 billion.
The food company’s headquarters will remain in Pittsburgh, Heinz’s home for over 120 years.
Heinz was advised by Centerview Partners, Bank of America Merrill Lynch and the law firm Davis Polk & Wardwell. A transaction committee of the company’s board was advised by Moelis & Company and Wachtell, Lipton, Rosen & Katz.
Berkshire and 3G were advised by Lazard, JPMorgan Chase and Wells Fargo. Kirkland & Ellis provided legal advice to 3G, while Berkshire relied on its usual law firm, Munger, Tolles & Olson.
