American food company Heinz has announced that it has received all regulatory approvals to sell itself to the investment consortium comprised of Warren Buffett's Berkshire Hathaway and private equity firm 3G Capital.
The transaction, which is subject to customary closing conditions, is now expected to be completed on or about 7 June.
On 14 February, Berkshire Hathaway and 3G Capital have entered into an agreement to acquire Heinz for $28bn, including the assumption of outstanding debt. The deal was approved by Heinz shareholders on 30 April.
At the time of signing the agreement, Heinz chairman, president and CEO William R Johnson said that the transaction provides tremendous value to the company's shareholders.
"As a private enterprise, Heinz will have an opportunity to drive further growth and advance our commitment to providing consumers across the globe with great tasting, nutritious and wholesome products," Johnson added.
Following the acquisition, Pittsburgh will be maintained as the food company's global headquarters by the investment consortium.
HJ Heinz is a global company that produces and markets foods specializing in ketchup, sauces, meals, soups, snacks and infant nutrition. Its brand portfolio includes Heinz ketchup, sauces, soups, beans, pasta and infant foods, Ore-Ida potato products, Weight Watchers Smart Ones entrées, T.G.I. Friday's snacks, and Plasmon infant nutrition.
The US company reported sales of $2.83bn in the second quarter of fiscal 2013, up from $2.81bn in the previous year.
