NEW YORK (February 14, 2013)--H.J. Heinz Co. says it agreed to be acquired by an investment consortium that includes billionaire investor Warren Buffett in a deal valued at $28 billion.
The ketchup company said Heinz shareholders will receive $72.50 in cash for each share of common stock they own.
The deal 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.
The per share price represents a 20 percent premium to Heinz's closing price of $60.48 on Wednesday.
Berkshire Hathaway and 3G Capital said Heinz will remain headquartered in Pittsburgh.
Berkshire Hathaway purchased the Waco Tribune-Herald last summer.
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