Billionaire investor Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) has agreed to buy the remaining 20 percent stake in Israel-based IMC International Metalworking Companies B.V. that it does not already own for $2.05 billion, the companies said Wednesday. Berkshire will acquire the stake from the Wertheimer family, which founded the maker of metal cutting tools sixty years ago.
IMC International Metalworking or IMC provide a comprehensive range of tools for metalworking applications. The company manufacturing facilities are located in Tefen, Israel, and in the United States, Korea, Brazil, China, Germany, India, Italy and Japan.
Warren Buffett, Chairman and Chief Executive Officer of Berkshire Hathaway said, "As you can surmise from the price we're paying for the remaining interest, IMC has enjoyed very significant growth over the last seven years, and we are delighted to acquire the portion of the company that was retained by the Wertheimer family when IMC first became a member of the Berkshire group of companies."
Berkshire Hathaway acquired 80 percent of IMC for $5 billion in May 2006, in one of the largest ever corporate deals in Israel's history.
Wachtell, Lipton, Rosen & Katz provided legal advice to the Wertheimer family and IMC in connection with the latest transaction, while Munger, Tolles & Olson LLP provided legal advice to Berkshire Hathaway.
This is Buffett's second big acquisition in 2013. In mid-February, ketchup king H.J. Heinz Co. (HNZ) agreed to be taken private by an investment consortium comprised of Berkshire Hathaway and New York-based investment fund 3G Capital in a deal valued at about $28 billion, including assumed debt. The deal is deemed as the largest ever in the food industry.
Berkshire's Class A shares closed Tuesday's regular trading session at $159,000, down $700 on a volume of 54,100 shares.
The Class B shares closed Tuesday's trading at $106.32. In Wednesday's pre-market, the shares are currently down $0.33 or 0.31 percent to $105.99.
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