Mr Buffett’s Berkshire Hathaway and 3G Capital, the investment firm which in 2010 bought Burger King, will pay $72.5 per Heinz share, 20 per cent more than the company’s closing share price on Wednesday, to buy the company. The deal, which includes $5bn of Heinz’s outstanding debt, values the business at $23bn. All told, Heinz employs some 32,000 people worldwide, with its products enjoying bestselling status in more than 50 countries.

“Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products,” said Mr Buffett, who because of his track record of making successful investments is often called the ‘Sage of Omaha,’ a reference to his hometown and the site of Berkshire’s headquarters. 

“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.”

Given the company’s roots in Pittsburg - the business was founded in 1869 in the Pittsburg suburb of Sharpsburg by Henry John Heinz -  the buyers have pledged to keep the company’s headquarters in the city.

“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,” Heinz CEO William Johnson said as the company's share price rocketed by 20 per cent in early trading on Wall Street this morning. “We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz.”

3G Capital, Berkshire’s partner in the deal, is backed by Jorge Paulo Lemann, the Brazilian-Swiss businessman and philanthropist who got to know Mr Buffett in the late 90s, when the two men were on the board of Gillette. Mr Lemann, who is 3G’s principal and controlling shareholder, and board member, of the brewing giant Anheuser-Busch InBev, has a net worth as of March last year of around $12bn, according to the Forbes rich list.