The merger of Kraft Foods and H.J. Heinz could pave the way for future food mergers, but dealmaking will likely dip in the near term, analysts told CNBC on Wednesday.
The companies behind the deal, private equity firm 3G Capital and Warren Buffett's Berkshire Hathaway, said 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 3G and Berkshire.
Further down the road, H.J. Heinz-Kraft Foods will likely buy more center-of-the-store grocery brands, but for the time being it will have little ability to make acquisitions, Athlos Research's Jonathan Feeney said on CNBC's "Squawk Box."
The Kraft-Heinz deal will also sideline capital because it takes 3G Capital, the most active in the space, out of the picture for a while, he said. Berkshire Hathaway and 3G also partnered to purchase Heinz and take the company private in 2013.
Under the terms of the deal, Heinz will return to the public market with a 51 percent ownership of Kraft. Current holders of Kraft stock will own 49 percent of the company.
Much of the valuation in food companies has been predicated on potential interest from 3G and other private equity firms, pressuring companies to reduce costs, Feeney said.
Competitors like Kellogg and Campbell Soup are already undergoing turnarounds in their core business and as such aren't necessarily ripe for takeover, Morningstar senior equity analyst Erin Lash told CNBC.