Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns run through Berkshire Hathaway's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
37 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
Precision Castparts makes complex metal components and products, including investment castings, forgings, fasteners and fastener systems, and aerostructures used in critical aerospace and power-and-energy applications. Berkshire agreed to buy all outstanding PCC common stock for $235 per share in cash and closed the deal on January 29, 2016, funding it with cash on hand plus $10 billion drawn under a 364-day revolving credit line that was later repaid from a note issuance. Approximately $37.2 billion including assumed debt ($235 per share; aggregate consideration ~$32.7 billion including PCC shares Berkshire already held).
Berkshire acquired all outstanding common stock of Precision Castparts Corp. for $235 per share in cash pursuant to a definitive merger agreement dated August 8, 2015. The aggregate consideration paid was approximately $32.7 billion, which included the value of PCC shares we already owned.Berkshire Hathaway FY2016 10-K — Business Acquisitions note
Berkshire, which already held about 22.6% of BNSF, agreed on November 2, 2009 to acquire the remaining shares of the railroad for $100 per share in a cash-and-stock deal, and it approved a 50-for-1 split of its Class B stock so that even small BNSF holders could elect a tax-free share exchange. BNSF operates one of North America's largest freight rail networks. Approximately $34 billion for the ~77.4% Berkshire did not already own ($100 per share); ~$44 billion enterprise value including assumed debt.
If we're going to hold something for a hundred years, the next week or month or year doesn't really make any difference... We're in for keeps.Warren Buffett — Chairman and CEO, Berkshire Hathaway (CNBC interview filed under Rule 425)
Warren, your 34 billion dollar deal is the largest that Berkshire Hathaway has ever completed.Becky Quick — CNBC (Rule 425 filing)
Berkshire teamed with 3G Capital to take the H.J. Heinz Company private, with Heinz shareholders receiving $72.50 per share in cash in a transaction valued at $28 billion including assumed debt. Berkshire signed an equity commitment letter to purchase $12.12 billion of equity securities in the acquisition holding company, and Heinz stayed headquartered in Pittsburgh. The stake became part of Kraft Heinz after Heinz merged with Kraft Foods in 2015. $28 billion enterprise value ($72.50 per share); Berkshire equity commitment of $12.12 billion (alongside 3G Capital).
The Heinz brand is one of the most respected brands in the global food industry and this historic transaction provides tremendous value to Heinz shareholders.William R. Johnson — Chairman, President and CEO, H.J. Heinz Company
Berkshire agreed to acquire 100% of Lubrizol, a specialty-chemicals maker and global leader in lubricant additives, for $135 per share in cash, a roughly 28% premium, in a deal valued at about $9.7 billion including net debt. Lubrizol kept its headquarters in Wickliffe, Ohio and CEO James Hambrick continued to run the business. Approximately $9.7 billion including ~$0.7 billion net debt ($135 per share).
Lubrizol is exactly the sort of company with which we love to partner - the global leader in several market applications run by a talented CEO, James Hambrick. Our only instruction to James - just keep doing for us what you have done so successfully for your shareholders.Warren Buffett — Chairman and CEO, Berkshire Hathaway
Berkshire acquired New York-based Alleghany Corporation, whose operating subsidiaries include property-and-casualty reinsurance and insurance businesses (led by TransRe) plus a portfolio of non-financial companies, for approximately $11.5 billion. Alleghany held about $19.7 billion of cash and investments at the acquisition date.
On October 19, 2022, we acquired Alleghany Corporation for $11.5 billion, which held cash and investments of $19.7 billion as of the acquisition date.Berkshire Hathaway FY2022 10-K — Business Acquisitions note
Berkshire first bought a 38.6% interest in Pilot Travel Centers in October 2017 and accounted for it under the equity method. On January 31, 2023 it acquired an additional 41.4% interest for about $8.2 billion, gaining control and consolidating Pilot, the largest operator of travel centers in North America (Pilot and Flying J brands) with more than 650 locations across 44 U.S. states and six Canadian provinces. Approximately $8.2 billion for the additional 41.4% interest that took Berkshire to majority control.
On January 31, 2023, we acquired an additional 41.4% interest in Pilot for approximately $8.2 billion... we attained control of Pilot for financial reporting purposes as of that date.Berkshire Hathaway FY2022 10-K — Business Acquisitions / Subsequent Events note
Berkshire Hathaway Energy agreed in July 2020 to buy substantially all of Dominion Energy's natural gas transmission and storage business. The portion completed on November 1, 2020 included more than 5,400 miles of pipelines, about 420 billion cubic feet of storage capacity, and a partial stake in the Cove Point LNG facility; assets acquired totaled about $13.4 billion with net cost of roughly $2.5 billion after assuming debt and noncontrolling interests. A second agreement covered certain excluded pipeline assets for about $1.3 billion, subject to regulatory approval. Approximately $9.7 billion including assumed debt (~$2.5 billion net cost for the November 2020 closing).
The acquisition of the Dominion businesses... was completed on November 1, 2020 and included more than 5,400 miles of natural gas transmission, gathering and storage pipelines, about 420 billion cubic feet of operated natural gas storage capacity and partial ownership of a liquefied natural gas export, import and storage facility (Cove Point).Berkshire Hathaway FY2020 10-K — Business Acquisitions note
MidAmerican (now Berkshire Hathaway Energy) acquired all outstanding common stock of NV Energy for about $5.6 billion, adding a Nevada energy holding company whose regulated utilities, Nevada Power Company and Sierra Pacific Power Company, serve roughly 1.2 million electric and 0.2 million natural gas customers. The purchase was funded largely by Berkshire-provided equity (about $3.5 billion) plus utility-level debt. Approximately $5.6 billion.
On December 19, 2013, MidAmerican completed its acquisition of NV Energy, Inc.... MidAmerican purchased all outstanding shares of NV Energy's common stock for cash of approximately $5.6 billion.Berkshire Hathaway FY2013 10-K — Business Acquisitions note
MidAmerican Energy Holdings acquired PacifiCorp, a regulated electric utility headquartered in Portland, Oregon serving customers across Utah, Oregon, Wyoming, Washington, Idaho and California, for approximately $5.1 billion in cash in March 2006. The deal significantly expanded Berkshire's regulated energy footprint in the West. Approximately $5.1 billion in cash.
PacifiCorp, a regulated electric utility providing service to customers in six Western states, was acquired for approximately $5.1 billion in cash.Berkshire Hathaway FY2006 10-K — Business description / Business Acquisitions note
Berkshire acquired about 60% of Marmon Holdings, a Chicago-based private industrial group owned by trusts for the Pritzker family, for $4.5 billion on March 18, 2008, and it agreed to buy the remaining minority interests over 2011-2014 at prices tied to Marmon's earnings. By the end of 2013 Berkshire owned substantially all of Marmon, a collection of roughly 160 independent manufacturing and service businesses. $4.5 billion for the initial ~60% interest (remaining minority interests acquired 2010-2014).
On March 18, 2008, Berkshire acquired 60% of Marmon Holdings, Inc., a private company owned by trusts for the benefit of members of the Pritzker Family of Chicago for $4.5 billion.Berkshire Hathaway FY2008 10-K — Business Acquisitions note
Berkshire acquired the Duracell battery business from Procter & Gamble by exchanging its holding of P&G common stock for 100% of Duracell's stock, closing in late February 2016. Duracell, headquartered in Chicago, is a leading maker of high-performance alkaline batteries with manufacturing in the U.S., Europe and China. Berkshire recorded a non-cash gain of about $1.9 billion on the exchange. Not separately disclosed; funded by exchanging Berkshire's P&G common stock for Duracell (P&G capitalized Duracell with ~$1.7 billion cash before the swap).
Berkshire acquired the Duracell Company on February 26, 2016 from the Proctor & Gamble Company. Duracell, headquartered in Chicago, Illinois, is a leading manufacturer of high performance alkaline batteries.Berkshire Hathaway FY2016 10-K — Business description
In the first quarter of 2015 Berkshire acquired the Van Tuyl Group, then the largest privately owned auto-dealership group in the United States, and renamed it Berkshire Hathaway Automotive. The business included 81 automotive dealerships, two related insurance operations, two auto auctions and a distributor of automotive fluid-maintenance products.
In the first quarter of 2015, we acquired the Van Tuyl Group (now named Berkshire Hathaway Automotive), which included 81 automotive dealerships and two related insurance businesses, two auto auctions and a distributor of automotive fluid maintenance products.Berkshire Hathaway FY2016 10-K — Business description
Berkshire acquired an 80% interest in the Israel-based IMC International Metalworking Companies (Iscar) on July 5, 2006, one of the world's three largest makers of consumable precision carbide metal-cutting tools, with brands including Iscar, TaeguTec, Ingersoll and Tungaloy. On April 29, 2013 Berkshire bought the remaining 20% for about $2.05 billion, taking full ownership. It was Berkshire's first major acquisition of a company based outside the United States. 80% interest acquired July 2006; remaining 20% acquired April 2013 for approximately $2.05 billion.
On April 29, 2013, Berkshire acquired the remaining 20% noncontrolling interests of IMC B.V. ... $2.05 billion. Berkshire now owns 100% of IMC International Metalworking Companies B.V.Berkshire Hathaway FY2013 10-K — Business Acquisitions note
Berkshire acquired MLMIC Insurance Company, a New York-domiciled writer of medical professional liability insurance, for approximately $2.5 billion on October 1, 2018. At the acquisition date MLMIC held about $6.1 billion of assets, mostly investments. Approximately $2.5 billion.
On October 1, 2018, we acquired MLMIC Insurance Company, a writer of medical professional liability insurance domiciled in New York. The acquisition price was approximately $2.5 billion.Berkshire Hathaway FY2020 10-K — Business Acquisitions note
Berkshire and General Re signed a merger agreement on June 19, 1998, shareholders approved it in September, and the transaction closed on December 21, 1998, with General Re shareholders receiving Berkshire stock equal to roughly 272,200 Class A-equivalent shares. General Re is a global property, casualty, life and health reinsurer, and the deal was the largest in Berkshire's history at the time. All-stock merger; consideration of approximately 272,200 Berkshire Class A-equivalent shares (Berkshire's largest transaction at the time).
On June 19, 1998 Berkshire and General Re executed a Merger Agreement and Plan of Merger... The transaction was completed on December 21, 1998. General Re shareholders received merger consideration consisting of approximately 272,200 equivalent Class A shares.Berkshire Hathaway FY1998 10-K — Business / Acquisitions disclosure
Berkshire acquired McLane Company from Wal-Mart in May 2003. McLane is a wholesale distribution and logistics provider operating across all 50 states and in Brazil, serving discount retailers, convenience stores, quick-service restaurants, drug stores and other customers.
Berkshire acquired McLane Company, Inc. in May 2003 from Wal-Mart Stores, Inc. McLane provides wholesale distribution and logistics services in all 50 states and internationally in Brazil.Berkshire Hathaway FY2003 10-K — Business description
Berkshire acquired Clayton Homes on August 7, 2003. Headquartered near Knoxville, Tennessee, Clayton is a vertically integrated manufactured-housing company that at the time operated 20 manufacturing plants in six states and marketed homes through a network of hundreds of retailers, and it also provides home financing.
On August 7, 2003, Berkshire acquired Clayton Homes, Inc. Clayton, headquartered near Knoxville, Tennessee, is a vertically integrated manufactured housing company with 20 manufacturing plants in 6 states.Berkshire Hathaway FY2003 10-K — Business description
Berkshire acquired an approximately 87.3% interest in Shaw Industries, the world's largest producer of tufted broadloom carpet and rugs, on January 7, 2001 for about $2.1 billion in cash. Approximately $2.1 billion for an ~87.3% interest.
Berkshire acquired an approximately 87.3% interest in SHAW INDUSTRIES, INC. on January 7, 2001 for cash of approximately $2.1 billion.Berkshire Hathaway FY2000 10-K — Business Acquisitions note
Berkshire acquired Johns Manville, a leading producer of insulation and building products, on February 26, 2001 for approximately $1.8 billion in cash. Approximately $1.8 billion.
Berkshire acquired JOHNS MANVILLE on February 26, 2001 for cash of approximately $1.8 billion.Berkshire Hathaway FY2000 10-K — Business Acquisitions note
Berkshire acquired a controlling economic interest in MidAmerican Energy Holdings through convertible preferred and common stock representing about 9.7% of the voting interest and roughly 76% of the fully diluted economic interest, plus $455 million of 11% trust preferred securities. MidAmerican became the platform for Berkshire's later utility acquisitions (PacifiCorp, NV Energy) and was renamed Berkshire Hathaway Energy. Not separately quantified in this filing; Berkshire took convertible preferred and common representing 9.7% of the vote and ~76% of the economics, plus $455 million of MidAmerican trust preferred securities.
Berkshire acquired convertible preferred stock of a newly-formed entity that merged with and into MIDAMERICAN ENERGY HOLDINGS COMPANY. These securities possess 9.7% of the voting interest and 76% of the economic interest on a fully-diluted basis in MidAmerican.Berkshire Hathaway FY2000 10-K — Business description
Berkshire completed its acquisition of Executive Jet on August 7, 1998; shareholders received aggregate consideration of about $700 million, half in cash and half in Berkshire Class A and B stock. Executive Jet, which pioneered the fractional-aircraft-ownership model and runs the NetJets program, is the world's leading provider of fractional ownership of business aircraft. Approximately $700 million ($350 million cash plus Berkshire Class A and B stock).
Berkshire added to its flight services business upon the acquisition of Executive Jet, Inc., which was completed on August 7, 1998. EJ shareholders received aggregate consideration of $700 million, consisting of $350 million in cash and the remainder in Berkshire Class A and B Common Stock.Berkshire Hathaway FY1998 10-K — Business description
Berkshire acquired San Francisco-based Business Wire in early 2006. Business Wire electronically disseminates full-text news and press releases to media, online services, databases and the global investment community across roughly 150 countries and dozens of languages. Not disclosed in this filing.
Berkshire acquired Business Wire, headquartered in San Francisco, California, in February 2006. Business Wire's core business is the electronic dissemination of full-text news releases daily to the media, the Internet, online services and databases and the global investment community in 150 countries and 45 languages.Berkshire Hathaway FY2006 10-K — Business description
Berkshire Hathaway agreed to acquire OxyChem, Occidental's chemical manufacturing business, in an all-cash transaction. OxyChem is a top-three U.S. maker of polyvinyl chloride, chlor-alkali and chlorinated organic chemicals, and calcium chloride, with products used in water treatment, pharmaceuticals, healthcare, manufacturing and construction. The business will operate as a Berkshire subsidiary, remaining headquartered in Dallas and continuing under its existing leadership.
Berkshire Hathaway agreed to acquire Applied Underwriters and all of its subsidiaries, including its North American Casualty insurance companies. Applied Underwriters is a privately held industry leader in integrated workers' compensation solutions, providing business insurance for small and medium-sized enterprises. It continued under its founding management, headquartered in San Francisco with its main operations center in Omaha, Nebraska.
Berkshire Hathaway executed a definitive merger agreement to acquire Russell Corporation, a leading branded athletic and sporting goods company that markets apparel, uniforms, footwear and equipment. Russell's brands include Russell Athletic, JERZEES, Spalding, Brooks, Huffy Sports, Bike, Moving Comfort, AAI and Mossy Oak. Stockholders were to receive $18.00 per share in cash.
Berkshire Hathaway agreed to acquire Forest River from its founder and CEO Peter J. Liegl. Forest River is a leading U.S. manufacturer of leisure vehicles, producing a complete line of motorized and towable recreational vehicles, utility trailers, buses, boats and manufactured houses. The company continued under Liegl and its existing management, headquartered in Elkhart, Indiana.
A Berkshire Hathaway unit (National Indemnity, with the sale ultimately effected through Columbia Insurance) acquired 100% of Medical Protective Corporation and its subsidiaries from GE Insurance Solutions. Founded in 1899 and based in Fort Wayne, Indiana, Medical Protective is one of the nation's oldest and largest providers of medical professional liability insurance for physicians and dentists, with more than $700 million in annual premium.
Berkshire Hathaway executed a definitive agreement to acquire Burlington Industries, a diversified marketer and manufacturer of softgoods for apparel and interior furnishings, as part of Burlington's emergence from Chapter 11 reorganization. The all-cash offer estimated roughly $579 million payable to creditors, with Burlington to emerge debt-free as a wholly owned subsidiary. The agreement was subject to a court-supervised process allowing higher and better competing offers.
Berkshire Hathaway acquired The Pampered Chef from founder and Chairman Doris K. Christopher and her family. The Pampered Chef is the largest branded kitchenware company and the largest direct seller of housewares in the U.S., with more than 67,000 'Kitchen Consultant' sales representatives. It continued under its existing management, headquartered in Addison, Illinois.
Berkshire Hathaway signed a definitive merger agreement to acquire CTB International Corp., a worldwide leader in equipment and systems for the poultry, hog, egg-production and grain industries. CTB shareholders received $12.75 per share in cash, and the total transaction value, including about $40 million of assumed debt, was roughly $180 million. CTB became a wholly owned Berkshire subsidiary, headquartered in Milford, Indiana.
Berkshire Hathaway entered into a definitive merger agreement to acquire Garan, Incorporated for $60.00 per share in cash. Garan is a leading manufacturer of children's, women's and men's apparel sold under its customers' private labels as well as its own trademarks, including GARANIMALS. Garan became a wholly owned Berkshire subsidiary, remaining headquartered in New York.
Berkshire Hathaway completed the purchase of 100% of the shares of Albecca Inc., having signed a definitive agreement on December 17, 2001. Albecca designs, manufactures and distributes a complete line of high-quality branded custom picture-framing products. The company is based in Atlanta, Georgia.
Berkshire Hathaway entered into a definitive merger agreement to acquire XTRA Corporation via a cash tender offer of $55.00 per share, valuing the transaction at approximately $590 million. Founded in 1957 and headquartered in Westport, Connecticut, XTRA is a leading operating lessor of transportation equipment, including over-the-road trailers, marine containers and intermodal equipment. XTRA became a wholly owned Berkshire subsidiary.
Berkshire Hathaway agreed to acquire MiTek Inc. and affiliated entities from Rexam PLC, with Berkshire taking 90% and MiTek's existing management acquiring the remaining 10%. Headquartered in Chesterfield, Missouri, MiTek is the world's leading provider of steel connector products, design-engineering software and ancillary services for the global building-components market.
Berkshire Hathaway agreed to acquire Benjamin Moore & Co. through a cash tender offer of $37.82 per share, a transaction valued at approximately $1 billion. Founded in 1883 and headquartered in Montvale, New Jersey, Benjamin Moore is a leading manufacturer and retailer of premium paints, stains and industrial coatings distributed across North America. It became a wholly owned Berkshire subsidiary.
Berkshire Hathaway executed a definitive merger agreement to acquire International Dairy Queen, Inc. Dairy Queen shareholders could elect $27 in cash or $26 in Berkshire stock per share, for a total transaction value of approximately $585 million (with cash capped at 55% of total consideration). Dairy Queen develops, licenses and services more than 5,790 Dairy Queen stores plus roughly 410 Orange Julius stores and 45 Karmelkorn shoppes.
Berkshire Hathaway agreed to acquire substantially all of Fruit of the Loom's basic apparel business operations out of Chapter 11 bankruptcy for $835 million in cash, subject to adjustments and assumption of certain liabilities. Fruit of the Loom is a leading vertically integrated basic-apparel company and one of the world's largest makers of underwear, printable T-shirts and fleece, selling under the FRUIT OF THE LOOM and BVD brands. The acquisition completed its emergence from bankruptcy on April 30, 2002.