'It's got to be Heinz' for business titan Warren Buffet, as he and 3G Capital plan to take the well-known company private as part of a deal worth 28bn dollars.

Heinz shareholders will be paid $72.50 per share - which represents a premium of 20% to the closing price on Wednesday - by Berkshire Hathaway, Buffett's investment company, and 3G.

The deal was unanimously approved by the board of Heinz.

Some reports are saying that Buffett is handing over $4.5bn in cash as part of the deal.

Speaking to CNBC, he said it was "my kind of deal" and said 3G is "my kind of partner".

He also revealed that Berkshire Hathaway would put up $12bn-$13bn of the consideration.

3G's Managing Partner, Alex Behring, said: "We fully recognise Heinz's value and heritage and look forward to working together with Heinz's employees, suppliers and customers as we invest in and support the company's ongoing global growth efforts."

The deal is expected to be finalised in the final quarter of the year.

William Johnson, the Chairman, President and Chief Executive of the food group, 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."

Shares in Heinz rose almost 20% in pre-market trading.

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