Warren Buffett at Berkshire Hathaway’s annual meeting in Los Angeles, California. May 1, 2021.
Gerard Miller | CNBC
Warren Buffett is making moves.
Berkshire Hathaway said Monday morning it agreed to buy insurance company Alleghany for $11.6 billion, or $848.02 per share, in cash. The conglomerate said the deal “represents a multiple of 1.26 times Alleghany’s book value at December 31, 2021,” as well as a 16% premium to Alleghany’s average stock price in the past 30 days. The deal is expected to close in the fourth quarter of this year.
“Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years,” Buffett, Berkshire’s chairman and CEO, said in a statement.
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