Billionaire investor Warren Buffett's Berkshire Hathaway reached a deal to acquire aerospace supplier Precision Castparts in a deal valued at $37.2 billion, including the assumption of debt.
It's the largest deal ever for Nebraska native Buffett, who has long emphasized buying low, acquiring only things that you understand and investing for the long run, thus earning him the nickname "Oracle of Omaha."
Berkshire (BRK.A, BRK.B) said Monday that it would pay $235 per share in cash for all of Portland, Ore.-based Precision Castparts' (PCP) shares. That represents a 21% premium on the stock's Friday closing price of $193.88.
“I’ve admired PCC’s operation for a long time," Buffett said in a statement. "For good reasons, it is the supplier of choice for the world’s aerospace industry, one of the largest sources of American exports."
