Warren Buffett's Berkshire Hathaway is buying Duracell

Warren Buffet's Berkshire Hathaway Inc. is buying Procter & Gamble's Duracell battery business

The investment firm Berkshire Hathaway on Thursday announced it will acquire the battery maker Duracell from Procter & Gamble. 

Outlined within the terms of the deal, Berkshire Hathaway, controlled by Omaha billionaire Warren Buffett, will give $4.7 billion in stock to Procter & Gamble. At the same time, the consumer goods company based in Cincinnati will contribute $1.8 billion to recapitalize the battery business. 

The deal is expected to be finalized early next year.

“I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G,” Buffett said in a statement. “Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway.”

Buffett's firm has assets that include the train operator Burlington Northern Santa Fe and insurance company Geico.

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UPDATES

7:24 a.m.: Updates with additional details about the deal. 

This post was originally published at 5:10 a.m. 

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