The combination of the food giants-announced just hours before Buffett's " Squawk Box " interview-was in the works for about four weeks, the billionaire investor said: "It moved along quite promptly."
He said he plans to stay invested in The Kraft Heinz Co. "forever," and views the brands of Kraft and Heinz as enduring. The CEO of Heinz, Bernardo Hees, will run the new company.
Under the terms of the deal, Heinz will return to the public market with a 51 percent ownership of the new company. Current holders of Kraft stock will own 49 percent.
Kraft shareholders will receive stock in the combined company, and a special cash dividend of $16.50 per share, financed by a $10 billion investment from Brazilian private-equity firm 3G Capital and Buffet's Berkshire Hathaway .
Buffett said there will be six directors on the board of the new company from the Heinz side-three from Berkshire and three from 3G-and five directors from the former Kraft operation.
In 2013, 3G and Berkshire Hathaway bought Heinz for $23 billion, and took the ketchup giant private.