Buffett’s Berkshire Hathaway conglomerate has teamed up with investment firm 3G Capital for the merger, agreeing to pay $72.50 a share in cash for the food giant.

The deal is valued at around $28bn including existing debt, making it one of the largest ever seen in the food industry, according to a statement from Heinz.

“It’s my kind of deal and it’s my kind of partner,” said Buffett in an interview with CNBC.

The terms of the agreement were unanimously approved by Heinz’s board of directors. Heinz chairman, president, and chief executive William Johnson said: “The Heinz brand is one of the most respected brands in the global food industry and this historic transaction provides tremendous value to Heinz shareholders.”

Buffett added: “Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products.”