Berkshire on hunt for more Heinz-like deals: Buffett

OMAHA, Neb., Mon Mar 4, 2013 — Berkshire Hathaway Inc. is on the hunt for more deals like its planned purchase of H.J. Heinz Co., Warren Buffett, the conglomerate’s CEO, said on Monday.

“If we get a chance to buy another Heinz, we will do that,” Buffett said on CNBC.

Berkshire likes the ketchup maker’s business, the price of the $23 billion deal, and its partner in the transaction, private equity firm 3G Capital, Buffett said in an extended interview.

“We hope to own Heinz 100 years from now,” Buffett said. “If you own great brands and you take care of them, they’re terrific assets,” he said.

Berkshire Hathaway, 3G Capital to buy Heinz for $23 billion cash

OMAHA, Neb., Thu Feb 14, 2013 — Warren Buffett’s Berkshire Hathaway Inc. and 3G Capital will buy H.J. Heinz Co. for $72.50 a share, or $23.2 billion in cash, Heinz said on Thursday.

Including debt assumption, Heinz valued the deal at $28 billion, which it called the largest in food industry history.

Heinz said the deal would be financed with cash from Berkshire and 3G, debt rollover and debt financing from J.P. Morgan and Wells Fargo.

The company did not elaborate on what portion of the cash would be contributed by Berkshire and what portion would come from 3G. CNBC reported that each side would put up $4.5 billion cash as part of the purchase.

“It’s my kind of deal and it’s my kind of partner,” Buffett told CNBC, adding that Berkshire and 3G would be equal equity partners.