(New York ) -- Pittsburgh-based H.J. Heinz Co.says it agreed to be acquired by an investment consortium including billionaire investor Warren Buffett in a deal valued at $23.3 billion, excluding debt.
The ketchup company says 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.
The per share price represents a 20 percent premium to Heinz's closing price yesterday.
Berkshire Hathaway and 3G Capital say Heinz will remain headquartered in Pittsburgh.
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