US billionaire Warren Buffett is set to buy food giant Heinz in a deal worth $US28 billion.
The sale is believed to be the largest deal in the history of the food industry.
Mr Buffett's Berkshire Hathaway company and private equity firm 3G have agreed to take over the food company, famous for its ketchup and baked beans, the BBC reports.
In a statement, Heinz called the deal historic, and the largest to date in the food industry.
Shares in Heinz soared in early trading in New York. They rose nearly 20% to hit the $72.50 price being offered.
The takeover has been approved by the company's board, but still needs to be voted on by shareholders.