Warren Buffett’s company buys ketchup maker Heinz

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Warren Buffett’s investment powerhouse Berkshire Hathaway and 3G Capital announced Thursday that they would take over venerable US ketchup maker Heinz in a deal valuing the company at $28 billion.

The two will pay HJ Heinz shareholders $72.50 per share in cash, a 20 percent premium on Heinz’s Wednesday closing price.

Counting debt assumed by the buyers, the deal valued Heinz at about $28 billion, they said.

“Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products,” Buffett, the chairman of Berkshire, said in a statement.

“Their global success is a testament to the power of investing behind strong brand equities and the strength of their management team and processes.”