If you own shares of Kraft this morning, you should not only thank them for the Philadelphia cream cheese you spread on your bagel, but also the 30%-plus surge in its stock.

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News of the acquisition by H.J. Heinz Company — home to iconic brands like Heinz, Ore-Ida potatoes and Smart Ones frozen meal — of Kraft, best known for its Macaroni & Cheese, Oscar Mayer hot dogs, Philadelphia cream cheese and Jell-O and Kool-Aid brands, has sent shares of Kraft soaring in early trading Tuesday.

Right after the opening bell, Kraft (KRFT) shares were up $ 20.11, or nearly 33%, to $ 81.43.

The deal marrying these two well-known companies is not only a big one – as it creates the fifth-biggest food and beverage company on Earth —  it also involves iconic investor Warren Buffett.

Kraft shareholders will own a 49% stake in the newly combined Kraft Heinz Company, and Heinz, which is now a private company, will return to the public market, with its shareholders owning 51% of the new entity.

Kraft shareholders will also get a special cash dividend of $ 16.50 per share, or 27% of Kraft's closing price last night. Billionaire investor Warren Buffett is helping fund the special dividend, which totals $ 10 billion, along with Heinz owner 3G Capital.

The deal, which could be valued at roughly $ 36 billion, fits the Buffett mold. He likes to invest in well-known brands that are simple to understand and that have staying power. Buffett, of course, owns well-known brands like Coca-Cola.

Buffett says he was happy to help bring the two companies and their iconic brands together.  "This is my kind of transaction," Buffett said in a statement. Buffett told CNBC on Wednesday morning that his company Berkshire Hathaway will have $ 9.5 billion worth of common stock in the newly formed company.

It's not the first time Buffett has teamed up with 3G, the Brazilian investment firm. They teamed up two years ago to buy Heinz for $ 23 billion. And last year they joined forces in Burger King's purchase of Tim Hortons doughnut chain. 3G's goal  now is to trim costs and boost sales at Kraft, as it did with Heinz.