July Deals & Suits
Heinz Kraft Pittsburgh-based H.J. Heinz Co. said March 26 it will acquire Northfield, Illinois-based Kraft Foods Group Inc. in a deal backed by billionaire…
June 17, 2015 at 02:50 PM
8 minute read
Heinz
Kraft
Pittsburgh-based H.J. Heinz Co. said March 26 it will acquire Northfield, Illinois-based Kraft Foods Group Inc. in a deal backed by billionaire Warren Buffett's Berkshire Hathaway and Brazilian private equity firm 3G Capital. The deal is valued at $45 billion by the Associated Press. The two private equity funds purchased Heinz in June 2013.
The merged entity, The Heinz Kraft Co., will have a market capitalization of about $40 billion, with combined revenues of $28 million. It will be co-headquartered in Pittsburgh and Northfield. Current Heinz shareholders will own 51 percent of the combined entity, and Kraft shareholders will maintain some stock ownership, representing a 49 percent ownership in the company. Berkshire Hathaway and 3G Capital also invested $10 billion to pay existing Kraft shareholders $16.50 a share upon closing as a special cash dividend.
Heinz chairman Alex Behring would lead the combined entity, while Kraft chairman and CEO John Cahill will become vice chairman. Heinz CEO Bernardo Hees will be named CEO of the combined entity. Heinz's general counsel is Dan Shaw; Kraft's is Kim K.W. Rucker.
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