NEW YORK (CNNMoney) — Warren Buffett’s Berkshire Hathaway has agreed to buy the Duracell battery brand from Procter & Gamble in a deal worth more than $6 billion.
Duracell’s headquarters are in Bethel.
Berkshire Hathaway and P&G announced on Thursday a deal for about $1.7 billion in cash and $4.7 billion in P&G stock.
The amount means Buffett is virtually cashing out his entire P&G holding to buy Duracell.
This announcement comes shortly after P&G said it’s splitting off its Duracell business as part of a major slimming. It has said it will shed other brands, too.
P&G bought Duracell back in 2005 as part of its $57 billion acquisition of Gillette.
Who did they buy it from? Berkshire Hathaway.
