Warren Buffett’s Berkshire Hathaway and 3G Capital have both agreed terms which will see Heinz shareholders receive $72.50 per share in cash.

Warren Buffett said the deal, which is set to complete in Q3 2013, will secure the company’s future success: “Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products. Their global success is a testament to the power of investing behind strong brand equities and the strength of their management team and processes. We are very pleased to be a part of this partnership.”

Speaking about the company’s future, Heinz chairman, president and CEO William R. Johnson said the new owners have its best interests at heart: “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.

“With Heinz stock recently at an all-time high and 30 consecutive quarters of organic topline growth, Heinz is being acquired from a position of strength. 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.”