Here are your FOX Business Flash top headlines for March 18.
Warren Buffett’s Berkshire Hathaway is buying insurance company Alleghany Corporation for $11.6 billion, or $848.02 per share in case, the company announced on Monday.
“Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years,” Buffett, Berkshire’s CEO, said in a statement.
The deal, approved by both companies’ boards of directors, “represents a multiple of 1.26 times Alleghany’s book value at December 31, 2021, a 29% premium to Alleghany’s average stock price over the last 30 days and a 16% premium to Alleghany’s 52-week high closing price.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BRK.B | BERKSHIRE HATHAWAY INC. | 342.41 | -2.56 | -0.74% |
The transaction is expected to close in the fourth quarter of 2022, pending approval from Alleghany stockholders and regulators.
Goldman Sachs & Co. is serving as financial adviser to Alleghany.
