Burlington Northern Santa Fe Corp. (BNI) said Thursday that its shareholders have voted in favor of the company's acquisition by Berkshire Hathaway Inc. (BRK.A, BRK.B).
Preliminary results show that about 70% of Burlington Northern Santa Fe issued and outstanding shares not owned by Berkshire or its affiliates were voted in favor of the deal, above the 66-2/3% required. Additionally, holders of at least a majority of the issued and outstanding shares of Burlington Northern Santa Fe voted in favor.
The deal is expected to close on February 12.
In early November, Berkshire Hathaway agreed to buy the remaining 77.4% of Burlington Northern Santa Fe that it does not already own for $100 per share in cash and stock. Based on the number of outstanding Burlington shares, including shares currently owned by Berkshire, on Nov. 2, the deal is valued at about $44 billion, including $10 billion of outstanding Burlington debt. The deal has since received U.S. antitrust clearance.
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