Buffett agrees $28bn deal for Heinz

Food giant Heinz says it has agreed to be acquired by an investment consortium including billionaire investor Warren Buffett in a deal valued at $28bn.

The ketchup company says Heinz shareholders will receive $72.50 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 $23.3bn excluding debt.