date:Mar 13, 2013
The transaction is valued at $28 billion, including the assumption of $5.3 billion of debt including hedge accounting adjustments at Jan. 27, 2013, and represents roughly 13.0x Heinz's LTM EBITDA of $2.2 billion. The buyout is expected to close in the third quarter of 2013, subject to shareholder and regulatory approval. The financing terms and expected capital structure have been reviewed.
On the assumption that the buyout will occur, Fitch has downgraded the long-term ratings of H.J. Heinz Co