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Pair of companies to buy Pittsburgh-based Heinz

Written by The Associated Press | Feb 14, 2013 11:37 AM

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(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.

Photo by Heinz.com

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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