- Warren Buffett's Berkshire Hathaway struck a $10 billion deal to buy Dominion Energy's natural gas transmission and storage business.
- Berkshire's energy unit will pay about $4 billion in cash and shoulder $5.7 billion in existing debt in exchange for over 7,700 miles of pipelines, 900 billion cubic feet of storage, and other assets.
- "We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business," Buffett said in a press release on Sunday.
- The deal is Berkshire's biggest since its takeover of Precision Castparts in 2016, and comes after Buffett was panned for his inactivity during the pandemic.
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Warren Buffett's Berkshire Hathaway has reached a $10 billion deal to acquire Dominion Energy's natural gas transmission and storage business, signaling the famed investor is willing to write big checks in the middle of a raging pandemic.
Berkshire Hathaway Energy, the energy unit of Buffett's conglomerate, will pay about $4 billion in cash and take on $5.7 billion of existing debt.
See the rest of the story at Business Insider
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from Business Insider https://ift.tt/2Z1E797
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