On Wednesday, Kraft Foods Group and H.J. Heinz Co. moved one step closer to merging, earning more than 98 percent of shareholders' favorable votes. Eventually, the two will become the new Kraft Heinz Co. headquartered in both Pittsburgh, PA and Northfield, IL.

“Today’s approval to create the Kraft Heinz Co. will unite two powerful businesses, deliver incredible shareholder value, and provide a platform for growth both domestically and internationally,” says Alex Behring, future chairman of the new company and managing partner at 3G Capital. Warren Buffett’s Berkshire Hathaway firm and 3G Capital will own 51 percent of the Kraft Heinz company while Kraft shareholders will control the remaining 49 percent.

Heinz and Kraft are two of the top food companies in America, with combined annual revenues adding up to an estimated $28 billion. This will make Kraft Heinz Co. the third largest food and beverage company in North America--both of whom earn a sizable chunk of their revenues by supplying Walmart store nationwide. Although the companies will bring together roughly 45,000 employees at 96 North American manufacturing and processing plants, cutbacks are a possibility.

The merger is expected to be completed by close of business today. Kraft Heinz Co. will appear on the NASDAQ Stock Market under the symbol KHC.