Buffett’s Biggest Deal in Six Years
Warren Buffett’s Berkshire Hathaway announced that it would acquire Alleghany Corp., an insurer, for $11.6 billion. Berkshire already has a strong insurance biz (Geico included), so the Alleghany acquisition will make a nice addition to the conglomerate’s robust portfolio. 💪
The Alleghany deal is also Warren Buffet’s biggest deal to close in six years — Buffet’s conglomerate is paying cash for each share of the insurer, $848.02/share. 💰 💰 Last Friday, shares of Alleghany closed at $676.75. This means Berkshire’s deal will offer the company a +23% premium per share.