Berkshire Hathaway acquisition history

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

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 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