It's official: Warren Buffett is the new Master of Ketchup. In a special meeting convened for the purpose, H.J. Heinz (NYSE: HNZ ) stockholders today voted overwhelmingly in favor of being acquired by a consortium led by the veteran investor Berkshire Hathaway (NYSE: BRK-A ) (NYSE: BRK-B ) . Roughly 95% of the votes, representing around 60% of Heinz's outstanding stock, were in support of the buyout.
The deal was announced this past February. Berkshire Hathaway, in collaboration with an investment fund associated with 3G Capital, will purchase the condiments maker for a transaction valued at $28 billion. This amount includes the assumption of Heinz's debt. Heinz shareholders will receive $72.50 in cash per share in the transaction.
The deal is expected to close in either Q2 or Q3 of this calendar year. It is subject to customary closing conditions and approval from the relevant regulatory bodies.