Warren Buffett’s Berkshire Hathaway (BRK.A) – Get Berkshire Hathaway Inc. Class A Report agreed Monday to buy insurance group Alleghany Corp. (Y) – Get Alleghany Corporation Report for around $11.6 billion as the investment group adds to its 2022 acquisition run while quietly surpassing the $500,000 share price benchmark.
Berkshire will pay $848.02 per share, in cash, for Alleghany, a 25.3% premium to its Friday closing price at level that values the group at around $11.6 billion. The deal, which is expected to close in the fourth quarter, includes a 25-day “go shop” period that would allow Alleghany to consider alternate proposals, the companies said.
Jefferson Kirby, who controls a 2.5% stake in Alleghany and has served as chairman since 2010, will vote his approval of the deal, the companies said.
“Berkshire will be the perfect permanent home for Alleghany, a company…
