Kraft Foods Group is set to be purchased by a Brazilian private equity firm for what is said to be $40 billion. The deal between the food manufacturer and the firm known as 3G Capital Partners is in advanced talks, reports the Wall Street Journal.
The last year hasn’t been too kind to Kraft. The company was reported to have lost $398 million in its fourth quarter due to poor sales. In February, Kraft’s CFO officially stepped down along with two other executives.
Some of the snack brands Kraft Foods Group is known for are Oscar Mayer, Kool Aid, Jello, Cool Whip and Kraft Macaroni & Cheese.
In 2014, HJ Heinz was also purchased by 3G. If the merger goes as planned, it will become third the largest packaged food business in the United States.
The new company will be called Kraft Heinz Company.