Berkshire Hathaway is buying Alleghany for $11.6 billion (around R173 billion) in cash, as Warren Buffett returns to the dealmaking he has shied away from in recent years.
Berkshire Hathaway is buying Alleghany for $11.6 billion in cash, as Warren Buffett returns to the dealmaking he has shied away from in recent years.
Buffett is diving deeper into the world of insurance with the Alleghany deal, an industry that has been key to the growth of Berkshire into a conglomerate with a market value of more than $750 billion. With Alleghany, Berkshire gains a large property-casualty insurer that also has reinsurance operations through its Transatlantic Holdings Inc. unit.
The Alleghany deal terms include a"go-shop" period where the insurer can solicit and consider other acquisition proposals for 25 days, the companies said in the statement. The transaction, which was unanimously approved by both boards of directors and has the support of 2.5% shareholder and Alleghany chair Jefferson Kirby, is expected to close in the fourth quarter of 2022, subject to customary closing conditions.
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